November 4, 2025
Dear Credit Union Leaders,
Hopefully everyone had a safe and Happy Halloween and enjoyed an amazing and pressure free World Series! As college basketball season (thankfully for some of us) begins, here are the updates you need!
Advocacy
In Lansing, the budget has been completed, although there is some talk of supplemental budget measures beyond book closings as the year begins to draw to a close. From a policy standpoint, the House has begun to look at measures that would prohibit widescale regulation of cryptocurrency and stablecoin. Our team continues to forge ahead in the early stages of positioning targeted MCUA updates as well as monitoring 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). Additionally, we are looking to see 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.
In Washington, D.C., the ongoing government shutdown continues. Some observers think the stoppage in SNAP assistance is creating more internal pressure to bring about a resolution. However, as we clear “Day 35” and a fourteenth failed vote to reopen the government, things still appear stalemated and we will have a new record shutdown length. Both America’s Credit Unions (ACU) and MCUL are looking for examples of how our credit unions are helping affected members and families! ACU has also set up a Government Shutdown Assistance | America's Credit Unions website to share resources, along with a survey for credit unions to describe what they are doing in their communities.
In the midst of the shutdown, the MCUL, our fellow Leagues, and America’s Credit Unions worked to urge federal Republican lawmakers to join a sign-on letter to the Office of Management and Budget (OMB) to keep the CDFI Fund operating and prevent widescale permanent layoffs. Over 100 Republican U.S. Representatives and Senators did so, including U.S. Reps. John Moolenaar, Bill Huizenga, and Jack Bergman from Michigan.
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.
In case you missed it, H.R. 2808, the Homebuyers Privacy Protection Act dealing with mortgage trigger leads, was signed into law last Friday. 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
We are excited to welcome our young professional and mentoring advocates to Lansing this week for the first “hYPe the Hill” on Nov. 5! Our YP’s have put together a great agenda, and we look forward to a fantastic event.
Yesterday marked the “2026 Industry & Issues Briefing and Grand Raffle Drawing.” Winning tickets are in the process of being verified and information will be available on our website soon. In the coming weeks, please be on the look out for information on the 2026 Lapel Pin program, also to benefit our state PAC. We are excited about the coming year’s design, and we are looking forward to another successful campaign as we enter another critical election year in Michigan.
Also, 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 PAC.
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.
As always, thank you for all that you do for Michigan’s credit unions!
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