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