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Michigan Credit Union League

Fresh on the Heels of Michigan Credit Union Act Update, Kellogg Community Converts to State Charter

Just days after Governor Snyder signed an update to the Michigan Credit Union Act into law, one Battle Creek-based credit union announced that it has converted from a federal to a state charter.

Kellogg Community Credit Union—formerly Kellogg Community FCU—announced that effective June 1 it had received final regulatory approval to convert to a state charter.

Tracy Miller, KCCU CEO, thanked the $476 million credit union’s membership for approving the conversion to a state charter.

“KCFCU was founded in 1941, and for 75 years we have been providing friendly and competitive financial services to our local community, and have experienced steady and strong growth,” she said in a statement. “Moving to a state charter provides us with an opportunity for future long-term growth for many more years to come.”

Converting to a state charter will allow KCCU to expand its reach across Southeast Michigan, while also enabling it to expand its field of membership and offer financial services across a total of 15 counties, including the greater Grand Rapids market. As a state-chartered credit union, KCCU will also now be able to take advantage of the many changes to the Michigan Credit Union Act which will improve business conditions for credit unions chartered in-state. Those include protections against enforcement of examiner “best practices,” the ability to offer loan promotion raffles and offer trust services through a CUSO, reducing the required number of board meetings and much more.

More information on the MCUA update is available here.

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2016-06-14 00:00:00