MCUA Update Takes Effect
The Michigan Credit Union Act Update, which provided dozens of changes intended to help Michigan credit unions thrive, went into effect on Wednesday, Sept. 7.
The act is made up of a six-bill package that provides comprehensive changes from regulatory relief to credit union powers and more. Attendees of MCUL’s 2016 Annual Convention & Exposition (AC&E) last June saw Gov. Snyder sign the package on stage. The details of the update can be read here.
At the AC&E, CUNA CEO Jim Nussle applauded MCUL for the passage.
“We’re trying to learn from not only the what, (so, what kinds of reforms were part of the Michigan solution), but how did you get it done? What was the communications like? What did you learn in the advocacy effort? What new things did you employ? And, we’re trying to take those tactics as we consider federal legislation,” Nussle said.
Prior to this update, the MCUA was last refreshed in 2003. Since then, MCUL has doggedly worked alongside credit union leaders to push for changes.
“We went through the act line by line, section by section and really listened a lot to our credit union community in figuring out what we wanted to do,” MCUL EVP/COO Ken Ross said.
FreeStar Financial Credit Union CEO Drema Isaac CEO said an overhaul to the act was crucial.
“We’ve had new regulations. We’ve had new advancement in technology,” Isaac said, “For an act to prevent us from growing is not good for the movement, so these advancements are going to be great for credit unions.”
University of Michigan Credit Union CEO Tiffany Ford said the refreshed act is another way Michigan credit unions are fighting for their members.
“We have to stand up for our member’s rights. We have to make sure we are able to meet their needs, and we have to make sure legislation allows us to do so,” she said.
Watch Michigan credit union CEOs share their thoughts on the importance of the update.
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