March 3, 2026
Dear Credit Union Leaders,
Greetings from Washington, D.C.! Credit unions from across the nation are energized, empowered and ready to take on the Hill this week! As we raise our voices together, here are the updates you need.
Advocacy
In Lansing, Governor Whitmer delivered her final State of the State address, and focused on housing and affordability among the topics she discussed. Aligned with that priority, MCUL’s Advocacy Team will focus on our budget priorities, including continued funding for the state CDFI fund as well as the Michigan Saves program. 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 also hopeful to see policy legislation in the earlier part of this year to codify the state CDFI fund and make it permanent in statute. Our team is also anticipating introduction of legislation soon to allow DIFS to authorize a private primary share insurance program, and other targeted operational updates are also in drafting. As mentioned previously, we are working with stakeholders on legislation introduced to “clarify” the impact of failure to timely record deeds and affidavits related to certain MSHDA loans and foreclosure sales. We expect some action, at least in Committee, soon. There are still no direct signs of state-level interchange legislation, but our team remains watchful. Bridging state and federal issues, MCUL and our fellow Leagues and system partners continue to monitor the effects of the court decision on Ilinois’ state-law Interchange Fee Prohibition Act (IFPA). The unfortunate result has been appealed, and continues to be of concern as the July effective date begins to loom.
In Washington, D.C., we expect to see action this week in the U.S. House Financial Services Committee on H.R. 6955, the Main Street Capital Access Act. America’s Credit Unions and the state leagues will push for parity in treatment with community banks with regard to easing and facilitating de novo formation. H.R. 7647, the More Opportunities for Homeownership Act, has been introduced to amend the definition of “community financial institution” as it relates to FHLBs and provide greater access to credit unions for membership. In the U.S. Senate, the Access to Fair Financing for Opportunity and Resilient Development (AFFORD) Act (bill number pending) was introduced to enhance oversight of the federal CDFI Fund, make improvements to the CDFI bond guarantee program, and enact other liquidity-enhancing measures. As a reminder from last edition, legislation to modernize the Durbin Amendment’s asset threshold was introduced in the U.S. Senate and the U.S. House, by indexing the Durbin Amendment’s current $10 billion threshold to inflation. The American Lending Fairness Act of 2026 was also introduced in both chambers to protect parity for state-chartered credit unions and clarify the Depository Institutions Deregulation and Monetary Control Act (DIDMCA), protecting export rights of state-chartered credit unions and banks.
Grassroots and Advocacy Funding
America’s Credit Unions' GAC is here! Over 200 Michigan credit union activists have joined with over 6,200 of our colleagues nationwide to take our message to Congress this week. Hill visits begin today and will end late tomorrow – be sure to keep an eye on MCUL’s social media channels for updates!
As mentioned last week, thank you to everyone that has purchased a lapel pin so far this year – all signs are pointing toward a strong fundraising year! Thank you again too, to all of our institutions that are helping us by shifting to a payroll deduction system. This program is absolutely critical for our state PAC and advocacy efforts. Please contact Laura (Laura.Osminski@mcul.org) or DaeSean (DaeSean.Ashby@mcul.org) with any questions.
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.
Elections
Secretary of State Jocelyn Benson and Genesee County Sheriff Chris Swanson remain in the Democratic Primary race for Governor, after it was announced that Lt. Gov. Garlin Gilchrist II pivoted to run for Secretary of State. 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.
The Special Primary Election in state Senate District 35 covering portions of Bay, Midland, and Saginaw Counties took place on February 3. Chedrick Greene won the Democrats’ nomination, and Jason Tunney won the Republican nod. The Special General Election on May 5, and the elections for the next full term will take place as normal this August and November.
As always, thank you for all that you do for Michigan’s credit unions!
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