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Michigan Credit Union League

Michigan Credit Union Act Update Headed to Gov. Snyder's Desk to be Signed into Law

The long-awaited update to the Michigan Credit Union Act is headed for Governor Snyder’s desk to be signed into law.

After passing through the Senate with a unanimous vote, the six-bill package was approved by the House following concurrence. The governor has until mid-June to sign the bills into law.

As previously reported, the MCUA update amends the state charter in dozens of ways, including:

  • Authorizing credit unions to offer Trust services through a CUSO
  • Eliminating cap on fixed assets for strongly capitalized credit unions
  • Protecting against enforcement of examiner "best practices"
  • Creating the Credit Union Regulatory Fund, which protects state exam fees
  • Allowing ability to offer loan promotions and provide prize incentives for refinancing loans
  • Reducing number of required board meetings to 6 times a year
  • Allowing anyone to serve as a co-signer, co-borrower or guarantor of a loan
  • Permitting pre-payment penalties for commercial loans

More information on the MCUA update is available here. To see MCUL President/CEO Dave Adams discuss the update in his Priority Report video series, click here.

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2016-05-31 00:00:00