July 15, 2025
Dear Credit Union Leaders,
Our Tigers have reached the All-Star Break, and believe or not, football is not all that far away. As we try to hold onto summer, here are the updates you need!
Advocacy
As our industry is very well aware, Congress has completed action on the reconciliation bill, and President Trumped signed the measure into law. The credit union tax exemption remained untouched throughout the entire process. A huge thank you to all of our credit union advocates that sent emails, engaged in our events, and took the time to educate your teams and your members on the credit union difference and the purpose of our tax exemption. Our industry won this together! While we take a moment to breathe, we are looking ahead to the possibility of a second reconciliation bill after the turn of the fiscal year on Oct. 1, and we are watching closely as Congress debates recission measures for key budgetary programs. As mentioned in previous editions, the U.S. Senate considered and passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to create a federal regulatory framework for stablecoin. U.S. Sens. Roger Marshall (R-KS) and Dick Durbin (D-IL) attempted to attach credit interchange reform legislation in the form of an amendment to this bill but failed to muster any significant support to do so. The U.S. House is expected to vote on the GENIUS Act this week, along with the Digital Asset Market Clarity Act and the Anti-CBDC Surveillance State Act, which would establish a regulatory framework for digital assets that rely on blockchain for value and prohibit the Federal Reserve from issuing a digital U.S. Dollar, respectively. MCUL, America’s Credit Unions, and our fellow Leagues are also closely monitoring the Homebuyer Privacy Protection Act, which would place restrictions on use of trigger leads by parties without existing relationships – this bill has passed the U.S. House and may be a candidate for expedited action in the U.S. Senate.
In Lansing, the legislature has recessed without a budget deal on K-12 Education for the coming school year, and without further progress on the remainder of the state’s fiscal plan. They are expected to return at the end of July as negotiations continue behind the scenes. As mentioned in prior editions, the state Senate already passed their versions of the entire FY26 spending plan (including $2 million in additional funding for CDFIs, and a total of $4.5 million in programming related to Michigan Saves), and the House followed suit with an extremely slimmed down version of the K-12 school funding plan. Questions over a long-term solution on road funding continue alongside budget discussions, but the future of any such deal remains murky and caught up in the overall budget debate. In the interim, the MCUL is examining a number of different measures passed in other states that might be beneficial here in Michigan, including a state measure on trigger leads, as well as better tools for combatting willful fraud facilitation and use of bitcoin ATMs for financial exploitation and other fraud.
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 again to everyone that either sponsored or joined us for the 2025 ASFM Golf Outing on July 9 – 116 registered golfers! Proceeds benefit the Michele Myrick Scholarship Fund within ASFM, which in turn assists credit union employees and volunteers in attending key events like America’s Credit Unions GAC and our MCUL Hike the Hill. We loved seeing everyone out on the course and enjoying a beautiful day!
For those credit unions participating in the 2025-2026 Plush Program for our State PAC, we have scheduled a pair of “Know Before You Sell” calls on August 19 and 20. Details on those calls will be sent to the credit union’s plush contact, and please contact DaeSean (DaeSean.Ashby@mcul.org) Laura (Laura.Osminski@mcul.org) with any questions.
Elections
Five Democrat candidates have now indicated intent to challenge U.S. Rep. Tom Barrett in next year’s contest for the 7th Congressional District, which once again promises to be one of the closest and most expensive races in the country. U.S. Rep. Kristen McDonald-Rivet now has her first Republican challenger in the hyper-competitive 8th Congressional District, as well. Neither Barrett or McDonald-Rivet are expected to have primary challenges from within their own respective parties. There have been no recent additions into the U.S. Senate race beyond former state House Speaker Joe Tate, state Sen. Mallory McMorrow, Dr. Abdul El-Sayed, and U.S. Rep. Haley Stevens in the chase for the Democrat nomination next year. Former U.S. Rep. Mike Rogers remains the only formally announced candidate for the Republican nod, although rumors continue to swirl about other names. 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, state Senate Minority Leader Aric Nesbitt, and former state House Speaker Tom Leonard have announced they will seek the Republican nomination. We will continue to update you as additional candidates for these seats and other key races formally announce or drop out of contention.
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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