May 13, 2025
Dear Credit Union Leaders,
The weather is getting beautiful, and we’ve hit that point where we’re going to stop talking about the Tigers for awhile so we don’t jinx them. Here are the latest updates you need!
Advocacy
Yesterday, the U.S. House Ways and Means Committee released its initial language for the budget reconciliation and tax cuts reauthorization bill. The bills make no overt references to credit unions! Our Advocacy Team and America’s Credit Unions are reviewing the over-400 pages offered, and will be keeping a close eye as the next steps unfold. The Committee will mark up this draft beginning today and through tomorrow. It will then be brought to the House Floor with other pieces from additional committees charged with crafting portions of the final version. The ultimate version of the bill will be targeted for a vote at some point next week, if they can solidify the necessary votes.
We are very pleased with the initial progress in this fight, but 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.”
As an industry, together, we can and will win this fight but the time to engage is NOW!
The President signed a Congressional Review Act Resolution nullifying the CFPB’s rule that would have capped overdraft fees for larger institutions. A second Resolution was also signed overturning a CFPB rule that would have let the agency’s examiners determine whether digital payment providers that process 50 million or more transactions each year complied with applicable laws, such as EFTA.
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
Thank you to everyone that has signed up the 2025 MCUL State GAC! We are excited to welcome everyone to town tomorrow, and celebrate at “PAC the Pub!” this evening for those that are joining. Thank you as well to everyone for reaching out regarding the need to order supplies for the 2025-26 Plush Toy Campaign prior to May 1. We are told they are beginning to ship, and please keep an eye out for “Know Before You Sell” meetings and instructions before engaging with the new toys.
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.
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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