DETROIT–From the main stage at the Michigan Credit Union League and CU Solutions Group’s Annual Convention & Exposition, Gov. Rick Snyder signed into law the first comprehensive update to the Michigan Credit Union Act in 13 years.
Before a crowd of nearly 1,000 people, Snyder signed the six-bill package into law flanked by representatives from the league, Michigan’s Department of Insurance and Financial Services and a variety of other credit union supporters.
According to the Michigan league, this marks Snyder’s third visit to AC&E during his five years in office so far, and he commended the credit union movement for being partners in helping to boost employment in Michigan, increasing the number of people in the labor force and raising personal income growth.
The updated statute:
- Eliminates cap on fixed assets for strongly capitalized credit unions
- Protects against enforcement of examiner "best practices"
- Creates the Credit Union Regulatory Fund, which protects state exam fees
- Allows ability to offer loan promotions and provide prize incentives for refinancing loans
- Reduces the number of required board meetings to six times a year
- Allows anyone to serve as a co-signer, co-borrower or guarantor of a loan
- Permits pre-payment penalties for commercial loans