November 26, 2024
Dear Credit Union Leaders,
Happy Thanksgiving! And Go Lions!! As we prepare for the coming weeks of Lame Duck session, here are the updates you need.
Announcements
The next edition of “Cheers! To Compliance” will be held on Dec. 13, speakers to be announced. For more information, please contact Brad (Bradley.Willett@mcul.org).
Advocacy
In Lansing, the legislature has been in recess for their traditional Hunting Break and the Thanksgiving holiday. As we enter December, they will return to work. Questions remain about the ability of the outgoing Democrat Majority to hold together the necessary 56 votes to pass any controversial items in the waning weeks of this legislative session, but several “big ticket” items remain on the wish list of legislators and stakeholders alike. The greater business community is focused on HB 6056-6057, by Reps. Nate Shannon (D-Sterling Heights) and Graham Filler (R-Dewitt), as vehicle bills for possible amendments to address some implementation concerns with the newly re-instated mandatory paid sick leave provisions and minimum wage increase. Some labor organizations continue to publicly urge the current majorities in both chambers not to amend the laws, but momentum continues to grow to address targeted items related to paid sick leave and tipped wages. Our team remains focused on SB 408-409, the garnishment and collections reform package. As mentioned in the last edition, concerns are still present in the bill as stakeholders continue to work with the sponsors, but a fair number of significant issues have been mitigated or eliminated from the bill through active discussions with the sponsor and Chair. The full text of the current version of the bill can be found at 2023-SCVBS-0408-0B735.PDF. Our team is also carefully watching SB 1022, which would amend the Michigan Consumer Protection Act and expose credit unions (and many other businesses) to both lawsuits and regulatory action by the Office of Attorney General on products and processes that could be deemed “deceptive” or “unfair.” The text of its companion bill, SB 1021, was amended into SB 1022 as it was reported from the Senate FICP Committee prior to the Break.
In Washington, D.C., Congress will continue to work on “must pass” legislation including government funding, the National Defense Authorization Act (NDAA), and the Farm Bill, as well as funding the Government with the current continuing resolution (CR) expiring on December 20. In conjunction with a Senate Judiciary Committee hearing on credit card interchange, America’s Credit Unions provided written commentary expressing strong opposition to the Credit Card Competition Act. ACU’s letter highlighted the failure of the original Durbin Amendment’s exemption for financial institutions below the $10 billion asset threshold to actually protect smaller credit unions, and expressed disappointment that no witness on behalf of financial institutions was allowed. In conjunction with a U.S. House Financial Services Committee hearing on regulator oversight, ACU also wrote to the Committee to highlight the strength of the credit union industry and its Share Insurance Fund, as well as ever-increasing compliance burdens on credit unions. Current NCUA Chair Todd Harper testified at this hearing as well. Finally, ACU wrote to the CFPB to share our industry’s year-end priorities and request that the agency refrain from any further rulemaking activity before the transition of presidential administrations.
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
For those credit unions that have current federal PAC permission agreements on file, Nov. 20 marks the beginning of Rivalry Week against the Ohio Credit Union League! The event will extend past Thanksgiving until 12:00pm on Nov. 30. For questions about this program, please contact Todd (Todd.Jorns@mcul.org). With regard to permission agreements, please keep an eye out for a communication in early December about renewal if you are currently expired or about to. 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 or any member of our team with any questions.
We are gearing up for the 2025 Lapel Pin Program to support our state PAC! The new design has been selected, and pins will become available right after the New Year. Upon returning from the holidays, current donors and participating credit unions will receive an email as well as a letter communication about how to participate in the program. In the meantime, if you have any questions please contact DaeSean (DaeSean.Ashby@mcul.org) or Kieran (Kieran.Marion@mcul.org). For those participating in the 2024-25 Plush Program, all of our current toys and backstock from previous years is still sold out. Our team is taking waitlist orders for any returned animals, and please contact Laura (Laura.Osminski@mcul.org) to be added.
As a standing reminder about 2025 America’s Credit Unions GAC, the Michigan hotel block sold out extremely quickly. We do anticipate that rooms will open up, and there may still be rooms available through a broader America’s Credit Unions room block at a number of hotels that are used for the event. If you have any questions, or haven’t yet added your name to the waitlist, please contact Todd (Todd.Jorns@mcul.org) to do so, and also with any questions.
Elections
Election season has officially wrapped! As we look ahead to next year, Rep. Matt Hall (R-Richland Twp) has been named Speaker of the House for the 2025-26 Legislative Session, and Rep. Ranjeev Puri (D-Canton) will take over as House Democratic Leader. Rep. Bryan Posthumus (R-Alto) will continue in his role in the new majority as House Majority Floor Leader, and Rep. John Fitzgerald (D-Wyoming) will serve as House Minority Floor Leader. At the federal level, Michigan’s U.S. Rep. Lisa McClain has been chosen as the Chair of the House Republican Conference, making her the fourth highest-ranking member in the incoming majority structure.
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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