March 17, 2026
Dear Credit Union Leaders,
Happy St. Patrick’s Day! March Madness is beginning, and as we dream of a national championship duel between the Spartans and Wolverines, here are the updates you need.
Advocacy
In Lansing, the legislative spring break is approaching and the focus behind the scenes is on preparing components of the FY2027 state budget for movement. MCUL’s Advocacy Team remains focused on our budget priorities, including continued funding for the state CDFI fund as well as the Michigan Saves program. As mentioned previously, with the suspension of expected federal funds last year, addressing funding needs for the Michigan Saves loan loss reserve has risen in priority for credit unions and other affected businesses this cycle. We are nearing introduction of legislation to allow DIFS to authorize a private primary share insurance program, and other targeted operational updates are also in the final stages of drafting. Our team continues to work with stakeholders and monitor legislation to “clarify” the impact of failure to timely record deeds and affidavits related to certain MSHDA loans and foreclosure sales. Amendments are pending that should protect the interests of both first and second lienholders. We are also monitoring efforts on robocalls and telemarketers, cryptocurrency kiosks, earned wage access, and potential efforts on maritime liens. There are still no direct signs of state-level interchange legislation, but our team remains watchful.
In Washington, D.C., a new Executive Order (EO) issued last week should provide credit unions and other community financial institutions with relief related to the Home Mortgage Disclosure Act (HMDA) and other related laws and regulations. The EO contains many provisions credit unions have worked to achieve. The U.S. House Financial Services Committee is holding a hearing today on our nation’s financial privacy network, and will focus some attention on draft legislation to update Gramm-Leach-Bliley Act’s Title V dealing with financial regulations to ensure financial institutions protect consumer privacy. America’s Credit Unions and the state leagues are urging support for H.R. 7657, the MORE Opportunities for Homeownership Act, to give credit unions – especially smaller and rural institutions – greater lending liquidity through the Federal Home Loan Banks. An amendment to include the Credit Card Competition Act (interchange reform) was defeated after attempts to add it to affordable housing legislation that is moving in the U.S. Senate. Finally, the IRS issued the first two proposed rules related to Trump Accounts last week.
Grassroots and Advocacy Funding
Thank you as well to all of our credit unions that have filled out renewed federal permission agreements. For those remaining credit unions that are expired and have not yet renewed, we will be in touch and we appreciate your help with this. Signing the permission agreement does not mean a credit union has agreed to participate in or run any fundraising programs – it is simply a compliance step related to MCUL’s ability to communicate about our programs. If you have any questions, please contact Todd or Laura. Our team is hard at work developing a new fundraising program for federal advocacy, and will be looking to pilot it this spring. For those that choose to participate, stay tuned for more information!
Elections
Secretary of State Jocelyn Benson and Genesee County Sheriff Chris Swanson remain in the Democratic Primary race for Governor. Detroit Mayor Mike Duggan still seeks 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. The race for the Republican nod for U.S. Senate next year includes former U.S. Rep. Mike Rogers, former Michigan Republican Party Co-Chair Bernadette Smith, Republican activist Geneieve Scott, and dentist Kent Benham. In the Democrat’s primary race for the U.S. Senate seat, state Sen. Mallory McMorrow, Dr. Abdul El-Sayed, U.S. Rep. Haley Stevens, and clinical researcher and Rachel Howard are seeking to represent their party in November.
Once we reach the filing deadline for the regular August Primary and November General Elections approaches in April, our team will provide updates on state and federal races of interest, and you can check here for updates on candidate endorsements made by the MCUL.
As always, thank you for all that you do for Michigan’s credit unions!
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