September 9, 2025

Dear Credit Union Leaders,

Fall is here! The Spartans are looking much improved from last year after a close win, and the Wolverines look sharp with a new quarterback. As we wait for the Lions to regroup after Week 1, here are the updates you need!

Advocacy

In Lansing, all eyes remain on the budget process as legislative leaders continue to negotiate out key priorities and the possibility of a deal on road funding. Most observers feel that the House and Senate are still far apart in these conversations, and public rhetoric has escalated between all sides. Many state agencies are preparing for the possibility of a state government shutdown, which would occur if a budget is not passed by midnight on September 30.  The last time the state shut down over budget impasse was in 2009, and lasted for roughly four hours. MCUL Advocacy continues to advocate for inclusion of state-level funding for CDFIs. The budget passed by the Senate earlier this summer included $2 million; while too small, it represents a placeholder for the program as we advocate for a more permanent statutory home for the state fund and also provides a platform to advocate for increased funding in the current process. The House eliminated the line, but we expect the topic to be a point of discussion between the chambers and we continue to press. We are also advocating for the restoration of funding for Michigan Saves; the Senate included it in their budget, but the House also eliminated this in their version. 

In Washington, D.C., the following priorities are noteworthy:

Work on the National Defense Authorization Act continues, and the MCUL, America’s Credit Unions. Action is expected in the coming days, but in the meantime, lawmakers are sorting through hundreds of proposed amendments to this “must-pass” legislation. The MCUL, America’s Credit Unions, and our system partners continue to advocate strongly against attempts to add harmful interchange amendments. Additionally, there are several pro-credit union amendments in the mix which could be beneficial, including enhancements to credit union member business lending for veterans and veteran-owned businesses; enhanced transparency from the CDFI Fund; adjusting CTR and SAR thresholds; enhancing access for small credit unions to the Central Liquidity Facility; and affordable housing issues. MCUL, America’s Credit Unions, and the state Leagues oppose efforts to include harmful interchange amendments to the NDAA, and support efforts to add beneficial provisions that will help credit unions and their members.

H.R. 2808, the Homebuyers Privacy Protection Act dealing with mortgage trigger leads, was signed into law last Friday. The bill prohibits a credit reporting agency from providing a consumer's credit report to a third party in connection with a residential mortgage transaction unless the transaction consists of a firm offer of credit or insurance and either the third party provides documentation certifying that it has the consumer's consent; or the third party has originated a mortgage on behalf of the consumer, is a current mortgage loan servicer to the consumer, or has a current specified banking relationship with the consumer (ie. is their bank or credit union).  It will become effective next March. MCUL, America’s Credit Unions, and the state Leagues supported the bill.

The U.S. Treasury Department has submitted a proposal to the Office of Management and Budget (OMB) that would add a new requirement for certain applications for CDFI Fund awards. The additional form would require applicants to disclose whether funds would be used for diversity, equity, inclusion (DEI), or climate purposes. America's Credit Unions, AACUL and all state leagues joined to send a letter to OMB highlighting concerns with the proposal, potential regulatory burdens, and potential delays in award announcements.

Also of interest, from prior editions:

H.R. 4544, the American Access to Banking Act, advanced out of the U.S. House Financial Services Committee’s markup. This legislation would address persistent and burdensome challenges to formation that new credit unions and community banks face. It would require federal financial regulators to review and streamline the application process to create a bank or credit union; establish mentorship and outreach programs; improve capital formation pathways; establish dedicated points of contact for applicants through casework support; encourage greater collaboration between federal and state regulators. America’s Credit Unions and the state Leagues support the bill.

H.R. 4735 and S 2419, dual versions of the Business of Insurance Regulatory Reform Act, were introduced to ensure the CFPB does not expand its authority under the Consumer Financial Protection Act (CFPA). The bills would amend the CFPA to revise the authority of the CFPB over activities regulated by a state insurance regulator by exempting the business of insurance from CFPB oversight. America’s Credit Unions and the state Leagues support the bill.

S. 1582, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to create a federal regulatory framework for stablecoin, was signed into law on July 18.  Implementation and assessing industry impacts will now be a top priority for many segments of the financial and retail industry. America’s Credit Unions and the state Leagues were supportive of aspects of the bill, including empowerment of CUSOs in this space.

Grassroots and Advocacy Funding

America’s Credit Unions announced that registration is open for the 2026 America’s Credit Unions GAC.  You can register for the event at: Governmental Affairs Conference 2026 | America's Credit Unions. MCUL is finalizing procedures for release of hotel rooms, so please bear with our team as complete the final details. This year, we are requesting that attendees forward their registration/confirmation number to Todd Jorns (Todd.Jorns@mcul.org) and our team will provide information on booking your hotel accommodations. If you have any questions, experience any difficulties, or if you have large parties that you may need to accommodate, please also reach out to Todd.

Hike the Hill is September 15-17 in Washington D.C. We are excited to see all of our advocates! If you or someone from your credit union is attending, please contact Todd for questions on Hill Visits and don’t forget to attend one of the Know Before You Go sessions on Wednesday, September 10 at 10:00am or Thursday, September 11 at 2:00 p.m.

If you are near Marquette on October 2, please consider joining in for the “PAC U.P. the Pub!” event to benefit our state PAC! If you are a credit union member or employee attending the U.P. Chapter’s Growth Summit or Mortgage Loan Originator Training events (or just a credit union member or employee in the area!) please consider joining with a personal contribution at: PAC UP the Pub! - Michigan Credit Union League.

Elections

Former U.S. Rep. Mike Rogers still remains the only formally announced candidate for the Republican nod for U.S. Senate next year. There have been no recent additions into the Democrat’s primary race for the U.S. Senate seat, with state Sen. Mallory McMorrow, Dr. Abdul El-Sayed, and U.S. Rep. Haley Stevens as the announced candidates in that field. 

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, state Senate Minority Leader Aric Nesbitt, and former state House Speaker Tom Leonard have announced they will seek the Republican nomination. 

As always, thank you for all that you do for Michigan’s credit unions! 

« Return to "Roundup"