Legislators Hear Second Round of Testimony on Proposed Michigan Credit Union Act Update
Legislators on the Michigan House Financial Services Committee this week heard another round of testimony on a package of bills aimed at updating the Michigan Credit Union Act for the first time in more than a decade.
After hearing testimony in late October from the Michigan Credit Union League & Affiliates (MCUL) and credit union representatives from across the state, lawmakers today heard from representatives of the Michigan Bankers Association (MBA). MBA officials voiced their objection to various provisions in the six-bill package, citing the similar ways banks and CUs serve consumers but falling back on their long-standing objection to the credit union tax exemption. The committee also heard from DIFS Director Pat McPharlin, who said that compromise language had been reached and was being drafted on virtually every issue under consideration.
“Unsurprisingly, the Michigan Bankers Association objects to how successful credit unions have been in serving working families and communities across the state,” said Ken Ross, MCUL EVP and COO. “We are working to update the Michigan Credit Union Act in order to modernize Michigan’s regulatory environment, reduce regulatory burdens, and make it easier for Michigan residents to have all their financial needs met through their local credit union.”
For more on MCUL’s efforts to update the Michigan Credit Union Act, click here.Go to main navigation