May 27, 2025
Dear Credit Union Leaders,
Our team has arrived on Mackinac for the Detroit Chamber of Commerce’s Annual Policy Conference. As we enter June, here are the latest updates you need!
Advocacy
The U.S. House passed the budget reconciliation and tax cuts reauthorization bill. The bills as passed continue to make no reference to credit unions. Our team and America’s Credit Unions are closely watching the bill’s progress in the U.S. Senate, where the membership of that body is signaling that significant changes will be made before it is sent back to the U.S. House and ultimately to conference committee. So, while we are very pleased with the continued progress in this fight, the battle is not yet done. We must do everything in our power to ensure that we remain out of the bill and defend against any amendments to the contrary. We are still strongly encouraging folks 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.”
Our team is also closely monitoring efforts by U.S. Sens. Roger Marshall (R-KS) and Dick Durbin (D-IL) as they once again seek to add the text of the Credit Card Competition Act to legislation that is aimed to pass. The “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS) Act of 2025, a bill to provide a regulatory framework for stablecoin, is the latest attempted vehicle for the fight over interchange fees, with the amendment already having been filed by Sen. Marshall. Consideration of the GENIUS Act is anticipated as soon as next week in the U.S. Senate.
Lansing remains relatively quiet as budget negotiations continue to take place. The state Senate passed their versions of the FY26 spending plan, including $2 million in additional funding for CDFIs, and a total of $4.5 million in programming related to Michigan Saves. The House continues to move at a slower pace, although most observers anticipate they will begin to ramp up action now, in particular on school funding.
For a full update on state and federal regulatory action, please see the “Reg Corner” update in this edition of MI League Minute.
Grassroots and Advocacy Funding
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.
Thank you to everyone that has already registered for the 2025 ASFM Golf Outing on July 9! We still have room for golfers, and for sponsorships for this important event. Proceeds benefit the Michele Myrick Scholarship Fund within ASFM, which in turn assists credit union employees and volunteers in attending key events like America’s Credit Unions GAC and our MCUL Hike the Hill.
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.
Former Michigan House Speaker Joe Tate has formally announced his entry into the U.S. Senate race, joining State Sen. Mallory McMorrow, Dr. Abdul El-Sayed, and U.S. Rep. Haley Stevens in the chase for the Democrat nomination for U.S. Senator next year. Former U.S. Rep. Mike Rogers, who lost last November to U.S. Sen. Elissa Slotkin, will run for the Republican nomination, and other potential names are swirling. As mentioned previously, 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. Former Attorney General Mike Cox, U.S. Rep. John James, and state Senate Minority Leader Aric Nesbitt have announced they will seek the Republican nomination. As additional candidates for these seats formally announce (or depart a given race before the filing deadline), we will continue to include them going forward.
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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