June 25, 2024
Dear Credit Union Leaders,
Our state legislature is getting ready to finish the state budget and wrap up for summer! As we head into summer election season, here are the updates you need.
Announcements
Our next “Cheers! To Compliance!” session will take place on June 28, featuring DIFS on a variety of topics, including the new consumer compliance component in examinations that is being rolled out. In addition, Dan Holzman of Holzman Law PLLC will join for a discussion on the recently enacted Michigan Uniform Power of Attorney Act. For those interested, you can REGISTER HERE, and please contact Brad (Bradley.Willett@mcul.org) for more information.
Advocacy
In Lansing, the Senate Finance, Insurance, and Consumer Protection Committee took additional testimony on SB 408 and 409, the Senate’s version of legislation to update and reform garnishment and collections procedures in Michigan, but will not likely take further action before the summer recess. MCUL Advocacy and industry partners have been in close dialogue with the bill sponsors and the Committee about the various points of concern in these bills, and we expect to see re-drafted substitute bill language for review soon. This week’s focus will be completion of the FY2025 budget, now that “targets” have been agreed on for both departmental budgets and the K-12 School Aid budget. Our team expects several late nights in the Capitol this week as these measures are brought forward for final consideration.
Related to interchange, the League system is closely watching the Pennsylvania legislature as the next battlefield in state-level interchange fight, with legislation similar to that enacted in Illinois and defeated in Florida this year. The Illinois state legislature enacted potentially problematic legislation at the close of their session. As mentioned in our last edition, our team is monitoring an exchange between the Michigan Department of Treasury and the retail community on interchange here at home, where Treasury has indicated their intent to assess sales tax on surcharge amounts that retails use to offset interchange costs.
In Washington, D.C., the credit union industry has been focused on proposed amendments to the National Defense Authorization Act (NDAA) dealing with both interchange as well as the Overseas Military Banking Program. In addition, America’s Credit Unions along with the Leagues have been closely monitoring the introduction of new housing legislation by U.S. Sen. Elizabeth Warren (D-MA). U.S. Sen. Ted Budd (R-NC) introduced S. 4570, the Secure Payments Act (S. 4570), to require the Federal Reserve to study the impacts of its proposed rule to reduce the Regulation II debit interchange fee cap, and to perform a quantitative analysis before the proposal can be finalized. America’s Credit Unions joined other financial services trade associations in writing a joint letter of support for the measure. U.S. Rep. Blaine Luetkemeyer (R-MO) introduced H.R. 7531, the House version of this legislation, in March.
a full update on state and federal regulatory action, please see the “Reg Corner” update in this edition of MILeague Minute.
Grassroots and Advocacy Funding
We still need golfers and sponsors for the 2024 ASFM Golf Outing!! The event is coming up in TWO WEEKS on July 10!! This event benefits the Michele Myrick Scholarship Fund to assist credit union officials and volunteers in attending important events like Hike the Hill, America’s Credit Unions GAC, and next year’s MCUL GAC. We look forward to seeing you there, and please contact Kieran (Kieran.Marion@mcul.org) with any questions. Look for details in the coming week! You can contribute to the event at: mcul.org/client/MCUL/asfm_donations/.
Elections
As per our normal practice during election cycles, a full list of endorsed state and federal candidates will continue to be included at the bottom of this update and will be updated onto our website. The next meeting of the Executive Committee of the Government and Political Affairs Forum where endorsements will be considered is July 29.
As always, thank you for all that you do for Michigan’s credit unions!
Sincerely,
Patty Corkery and the MCUL Advocacy Team
2024 Election Endorsements:
U.S. Senate
U.S. Rep. Elissa Slotkin
MCULAF is a state-registered political action committee that makes campaign contributions to candidates for elective office in Michigan. Contributions to MCULAF are not tax deductible. Contributions to MCULAF are completely voluntary and will be used for political purposes. You have the right to refuse without any reprisal. Must be 18 years or age or older to participate. Must be a qualified employee (professional, supervisory, managerial and administrative non-clerical position) of the MCUL & Affiliates or a member or qualified employee of an affiliated Michigan credit union.
Contributions to MCULLAF are not considered charitable contributions or business expenses for income tax purposes. Contributions to MCULLAF are completely voluntary and will be used for political purposes. There shall be no reprisal for those who decide not to contribute. Must be a qualified member of a participating MCUL-affiliated credit union, U.S. citizen and 18-years of age or older to participate.
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