November 18, 2025
Dear Credit Union Leaders,
Well, no one in the office is really talking to Kieran right now after the Lions/Eagles game last weekend, so we’ll see how this update goes. As we look forward to Thanksgiving and the beginning of the Holiday Season, here are the updates you need.
Advocacy
In Lansing, our team continues to work in the early stages of positioning targeted operational MCUA updates for credit unions. Our team is also carefully watching for signs of state-level interchange legislation (see MCUL President & CEO Patty Corkery’s Detroit News “op-ed” at Corkery: Attacking 'swipe fees' puts Michigan families at risk). While no bills are immediately pending and both sides of the national interchange fight are closely monitoring litigation in Illinois, Michigan remains at risk from a legislation push next year. We are drawing closer to the introduction of legislation to modernize the state’s Uniform Commercial Code for updates addressing emerging technologies like digital assets, providing legal clarity for transactions involving virtual currencies and other digital assets, and other modernizations related to wire transfers and electronic signatures – we hope to see these bills introduced before the holiday break in December.
For those CDFI credit unions that plan to apply for state grant funding, the application window opened on November 1 and will close at the end of this month. Please get your applications in as soon as possible!
In Washington, D.C., the longest government shutdown in U.S. history finally ended, with seven Democrats and one Independent joining 52 Republican U.S. Senators in the vote to re-open the federal government. The end of the shutdown came about as pressures mounted to pay federal workers and military members, provide critical SNAP benefits to over 40 million Americans, and adequately prepare for the holiday air travel season. In additional good news, the proposed permanent “reduction in force” for the entire CDFI Fund was rescinded. As noted previously, over 100 Republican lawmakers joined a sign-on letter to the Office of Management and Budget (OMB) to prevent those layoffs, including U.S. Reps. John Moolenaar, Bill Huizenga, and Jack Bergman from Michigan. Thank you to all of our credit unions that sent us information on what they were doing to support affected members during this period! Those stories provided a great opportunity to highlight the credit union difference with our federal (and state) lawmakers!
A recent attack by the national bank lobby was noted, as banks urged members of the U.S. Congress to push the administration to review the exemption for federal credit unions from 990 filings. MCUL, our fellow leagues, and America’s Credit Unions have been in close communication with our respective congressional delegations urging members not to sign the proposed letter.
Also federally, the following priorities are noteworthy:
The U.S. House passed its version of the National Defense Authorization Act in September, clean of hostile amendments on interchange efforts. The U.S. Senate has now also passed its version of the bill, and the measures will head to Conference Committee. The Senate version includes two amendments championed by credit unions, to provide enhancements to the NCUA’s Central Liquidity Facility (CLF) and to enhance support and transparency for the Community Development Financial Institutions (CDFI) Fund. The measure did not include any negative provisions related to interchange. MCUL, America’s Credit Unions, and the state Leagues oppose efforts to include harmful interchange amendments to the NDAA, and support efforts to add beneficial provisions that will help credit unions and their members.
H.R. 2808, the Homebuyers Privacy Protection Act dealing with mortgage trigger leads, was signed into several weeks ago. The bill prohibits a credit reporting agency from providing a consumer's credit report to a third party in connection with a residential mortgage transaction unless the transaction consists of a firm offer of credit or insurance and either the third party provides documentation certifying that it has the consumer's consent; or the third party has originated a mortgage on behalf of the consumer, is a current mortgage loan servicer to the consumer, or has a current specified banking relationship with the consumer (ie. is their bank or credit union). It will become effective next March. MCUL, America’s Credit Unions, and the state Leagues supported the bill.
Grassroots and Advocacy Funding
Thank you to all of our young professional and mentoring advocates that came to Lansing for the first “hYPe the Hill” on November 5! Over 130 advocates gathered to share what it means to be a credit union advocate, and carry our message to state lawmakers. The energy in the room was palpable, and the future of our movement in advocacy is in great hands! A special thank you and congratulations to the leadership of FUEL Michigan for initiating and planning this event!
For those credit unions without current permission agreements for our federal fund, MCULLAF, or whose agreements are about to expire, we will be sending out renewals soon. As a reminder, signing the permission agreement is NOT an agreement to participate in any programs, nor will we directly solicit your membership to participate. It is simply a regulatory requirement for communication with YOU about our federal fund’s activities.
Elections
Former U.S. Rep. Mike Rogers still remains the only formally announced candidate for the Republican nod for U.S. Senate next year. There have been no recent additions into the Democrat’s primary race for the U.S. Senate seat, with state Sen. Mallory McMorrow, Dr. Abdul El-Sayed, and U.S. Rep. Haley Stevens as the announced candidates in that field. Lt. Gov. Garlin Gilchrist II, Secretary of State Jocelyn Benson, and Genesee County Sheriff Chris Swanson have all announced they will seek the Democrat nomination for Governor next year, along with Detroit Mayor Mike Duggan seeking the office as an Independent. Announced candidates for the Republican nomination include former Attorney General Mike Cox, U.S. Rep. John James, state Senate Minority Leader Aric Nesbitt, former state House Speaker Tom Leonard, Rev. Ralph Rebandt and Karla Wagner. No high profile candidates in these races or in any of our U.S. House races have dropped out.
The Special Primary Election in state Senate District 35 covering portions of Bay, Midland, and Saginaw Counties will take place on February 3, and the Special General Election on May 5. Democrats filed include Brandell Adams, Martin Blank, Chedrick Greene, Serenity Hope Salak, William Morrone, and Pamela Pugh. Republicans filed for the seat include Jason Tunney, Chadwick Twillman, Christian Velasquez and Andrew Carlos Wendt.
As always, thank you for all that you do for Michigan’s credit unions!
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