Published on July 12, 2023
Michigan credit unions are involved in member advocacy efforts
If you’re a Community Choice member, you already understand the credit union difference: we’re not-for-profit, financial cooperatives owned by our members. As a member-owner, you have a stake in the health of not just Community Choice but the credit union industry in general.
The Michigan Credit Union League (MCUL) is a trusted partner around the state and proactive in advocating for issues that are important to the sustainability – and safety and security of credit unions. Here are a just few of the top issues on the table:
Data security and privacy
The credit union industry is looking for comprehensive data privacy and security reform to help protect consumers payment and other personal information. To help protect our members, retailers who choose to store the personal information of their customers should be required to protect this data at the same level as financial institutions.
Digital assets and cryptocurrency
The ability to regulate the delivery of financial services using digital currencies in a way that can be properly overseen by federal regulators is an ongoing issue of importance.
Maintaining not-for-profit status of credit unions
Since 1937, Congress has valued and shown overwhelmingly support for maintaining a diverse financial industry made up of institutions with different structures and missions like not-for profit credit unions and for-profit banks. Credit unions operate as democratically controlled institutions where one member has one vote and where a board of directors is comprised of volunteers who are not paid for their knowledge or service to the institution.
Payroll, real estate, and property taxes paid by all credit unions in Michigan and across the country bolster state and local government budgets and are ultimately reflected in our schools, roads and the services available to residents. Keeping our not-for-designation helps to keep credit union costs down so we can continue to fulfill our mission.
Other big advocacy issues include support of the Safe Banking Act which helps financial institutions provide services to cannabis-related businesses, opposing changes to the current interchange system, support for centralized liquidity and more.
MCUL actively advocates for these and other issues and has established a Political Action Committee created for such advocacy. One way the MCUL raises money for its PAC is its annual Grand Raffle held each summer. Each raffle ticket is a $5 contribution, with first and second prizes of $20,000 and $5,000 respectively, plus ten $1,000 third prizes. The drawing will take place on October 30 in East Lansing at an industry briefing open to anyone who purchased a raffle ticket.
Interested in purchasing tickets? We make it easy. You can purchase tickets at the following Community Choice Credit Union member centers until September 11 or while supplies last: Eastpointe, Farmington Hills - Northwestern Highway, Jackson, Livonia, Livonia-Westland, Redford, Warren and Wyandotte. Or learn more about MCUL online. Thank you!