March 18, 2025
Dear Credit Union Leaders,
Spring is approaching! As March Madness and Opening Day arrive, here are the updates you need!
Announcements
Our “Cheers! To Compliance” will take place in conjunction with the Marketing, Compliance, YOU and Lending Conference in Grand Rapids, on Wed., March 26. For more information, contact Brad (Bradley.Willett@mcul.org).
Advocacy
In Lansing, now that amendments have been passed to paid sick time processes and minimum wage-related issues for tipped workers, the Legislature is settling into business as usual. Committees have begun work, and the budget process will begin in earnest as we move toward Spring Break. As mentioned previously, our team will be focused on CDFI funding and the creation of a possible permanent state CDFI fund, additional funding for payday lending alternative programs, and further backing for Michigan Saves’ loan loss reserve. As we wait for word on appeals regarding presentment of last session’s garnishment bills, the Senate Majority Leader has issued a new demand to the Speaker of the House to present the nine remaining bills from last session. Should the garnishment bills be presented and signed, we will seek “cleanup” legislation on that effort. Our team is also examining newly introduced legislation related to stablecoin, and watching for reintroduction on legislation related to background checks and “pay equity.”
In Washington, D.C., MCUL Advocacy’s focus has been full throttle on the “Don’t Tax My Credit Union” campaign and the value of and need for credit unions’ tax exempt status. As mentioned in prior editions, we know that our status will be under at least technical consideration as a “pay for” for any tax cuts, and the banks are now pushing taxation of “large” credit unions – those with $1 billion or more in assets. Our primary mission as this process unfolds is to ensure that any bill that is drafted does not affect our industry, from the outset.
We strongly encourage you to make use of ACU’s Grassroots Action Center to send an email communication to our delegation voicing support for protecting credit unions’ tax status. You can access a template email at:
Grassroots Action Center | America's Credit Unions – Click on “Tell Congress: Don’t Tax My Credit Union – It’s A Tax On Me.”
There are a pair of possible templates that can be used, and you can add to it to create your own unique note. Please share this link with your employees and volunteers and encourage them to communicate as well. For those credit unions that are willing, the link can also be shared with members; and our team would be happy to assist with any pointers on making that communication.
This past weekend, the Trump Administration issued another Executive Order entitled “Continuing the Reduction of the Federal Bureaucracy," which aims to eliminate non-statutory functions and reduce statutory functions of certain governmental entities to the minimum required by law. The CDFI Fund is among the entities listed in this order. Please see: https://www.whitehouse.gov/presidential-actions/2025/03/continuing-the-reduction-of-the-federal-bureaucracy/. MCUL is working hand-in-hand with America’s Credit Unions, AACUL and Inclusiv to assess the actual impact on the Fund’s operations, funding, and programs, and pushing the U.S. Treasury to defend its current practices as faithful to the statutes that govern the Fund.
For 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
Thank you to our 170+ credit union officials and volunteers that joined us in Washington, D.C. for America’s Credit Unions’ GAC. Our group along with over 6,000 attendees took on the Hill in defense of our tax status and advocating for key credit union priorities, and we met with all of our Congressional delegation members or their staff.
Registration for MCUL’s State GAC will be released this week! Stay tuned for information on our website, and please direct any questions to DaeSean (DaeSean.Ashby@mcul.org) or Kieran (Kieran.Marion@mcul.org).
As mentioned in our prior editions, with regard to federal PAC permission agreements, please continue to keep an eye out for communications about renewal if you are still currently expired for 2025. We still need agreements from a handful of credit unions! Thank you to everyone that has already completed theirs and sent it in! Completing and submitting these forms is not an agreement to participate in any particular programs, and we will not solicit your members or employees without the permission of your credit union. This is purely a compliance requirement on our end. Please feel free to contact Todd (Todd.Jorns@mcul.org) or any member of our team with any questions.
Elections
There is still no news on any special election in the state Senate to replace former state Sen. Kristen MacDonald-Rivet, who won election to Michigan’s 8th Congressional District seat last November. The open seat covers Flint, Saginaw and the Bay City area. We continue to monitor the movements of potential candidates for the open U.S. Senate seat that will be created with U.S. Gary Peters announcement that he will not run again. Recently, Pete Buttigieg announced he would not seek the seat, fueling comments by other notable candidates that are still considering the race. Lt. Gov. Garlin Gilchrist II announced he will run for Governor, joining Secretary of State Jocelyn Benson as announced candidates for the Democratic nomination, state Sen. Aric Nesbitt for the Republican nomination and Detroit Mayor Mike Duggan who is running as an independent.
As always, thank you for all that you do for Michigan’s credit unions!
Sincerely,
Patty Corkery and the MCUL Advocacy Team
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