February 4, 2025
Dear Credit Union Leaders,
January is finally over! While only Kieran is really excited for the Super Bowl this weekend, we are getting ready for America’s Credit Unions (ACU)’s GAC in a few weeks! As February begins, here are the updates you need.
Announcements
Compliance Office Hours will take place on Feb. 7. For more information, please contact Brad (Bradley.Willett@mcul.org). For those attending ACU GAC, we will hold a pair of “Know Before You Go” calls on February 25 at 1:00pm and Feb. 27 at 10:00am. Although attendance isn’t required, we strongly recommend joining one of these sessions for important information, and especially for first-time attendees. Please contact Todd (Todd.Jorns@mcul.org) for more information.
Advocacy
In Lansing, we expect a more measured pace in divided government as the new legislature has begun its work. The biggest issue out of the gate for the legislature has been proposed amendments to paid sick time processes for all businesses and minimum wage-related issues for tipped workers. The bills have passed the House, and the state Senate has introduced its own version for consideration. It has been highly controversial, pitting statewide labor organizations against small businesses, restaurants, and chambers of commerce. Otherwise, the legislature has started slowly, with the House announcing its committees for the term just late last week. Our team will initially be focused on appropriations priorities within the state budget in the early part of the year, as well as follow-up amendments to legislation on garnishment that passed last term and will likely be enacted at some point in the coming weeks.
In Washington, D.C., the new Administration is settling in and we are watching with interest as Congress looks to begin addressing its priorities as well as Congress’ own. “Tax reform” will be our top priority in 2025, as Congress will be working on updates and reauthorizations for the original Trump tax cut plan. We know that our credit union tax exempt status will be under at least technical consideration as a “pay for” for any tax cuts, and our industry will be lobbying hard to make sure that we fall off of and stay off of the chopping block. Stay tuned for information on how and when you can help! We are also watching the CDFI Fund and the new Administration’s level of support for it, along with changes at the NCUA with Kyle Hauptman (the lone Republican appointee) becoming Chair. CFPB Director Rohit Chopra has also been ousted, with newly confirmed U.S Treasury Secretary Scott Bessant serving as interim Director.
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
As mentioned in our prior editions, with regard to federal PAC permission agreements, please keep an eye out for communications about renewal if you are still currently expired for 2025. 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.
Also as mentioned in prior editions, communications on the 2025 Lapel Pin Program have been sent out, and you can find information on the program and how to order yours here. Thank you to everyone that has already ordered! If you have any questions please contact DaeSean (DaeSean.Ashby@mcul.org) or Kieran (Kieran.Marion@mcul.org), or if you are having difficulties with postage, please let Laura (Laura.Osminski@mcul.org) know. 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 still taking waitlist orders as we begin 2025 for any returned animals, and please contact Laura to be added.
Election
The race is already on to succeed Gov. Gretchen Whitmer in the 2026 General Election. Since Detroit Mayor Mike Duggan shocked the political world last year by announcing his intent to run as an Independent rather than a Democrat, Democrat Secretary of State Jocelyn Benson and state Senate Republican Leader Aric Nesbitt have formally entered the race, and former Republican Attorney General Mike Cox is also exploring a run. Rumors are swirling about additional candidates even at this early stage. U.S. Sen. Gary Peters also publicly announced that he will not seek re-election next year, creating another opportunity for those seeking statewide office. While none have formally declared, Democrat state Sen. Mallory McMorrow is strongly rumored to be considering a run.
As always, thank you for all that you do for Michigan’s credit unions!
Sincerely,
Patty Corkery and the MCUL Advocacy Team
« Return to "Roundup"
