Sen. Debbie Stabenow, D-Mich., announced Thursday she will not seek re-election in 2024. Stabenow—who has served in the Senate since 2001—has been a strong supporter of the credit union tax status and other credit union priorities.

“Sen. Stabenow stood by credit unions through many issues during her time in the Senate, including repeatedly expressing strong support for the credit union tax status and sharing our concerns over NCUA’s original risk-based capital rule,” said CUNA President/CEO Jim Nussle. “We thank her for her willingness to work with credit unions and wish her the best going forward.”

“Our Michigan credit unions have valued the relationship with Sen. Stabenow. Her support will be missed,” said Michigan Credit Union League President/CEO Patty Corkery. "The senator is a champion to preserve our credit union tax status and she is always willing to meet with us and learn about our issues. Sen. Stabenow’s passion for Michigan burns bright and we look forward to engaging and working with her for a lasting impact in 2023.”

Stabenow re-affirmed her commitment to preserving the credit union tax status through tax reform discussions over the previous decade, saying it “ensures that community-based institutions can continue to provide quality financial services to their members,” and noting that she herself is a credit union member.

She also credited credit union advocates for their strong engagement with policymakers and urged them to continue their advocacy efforts on behalf of members.