LANSING, Mich.—Legislators on this state’s House Financial Services Committee unanimously approved a six-bill package to update the Michigan Credit Union Act (MCUA) for the first time in more than a decade.
The bills, House Bills 5017-5022, now move to the House floor for consideration by the full chamber after the Thanksgiving legislative recess.
In recent weeks, the committee has heard testimony from Ken Ross, EVP/COO of the Michigan Credit Union League & Affiliates, along with prominent credit union representatives from across the state, as well as Michigan Department of Insurance and Financial Services Director Patrick McPharlin.
“Today’s committee vote is a victory for credit unions, but it’s only the first step,” said Ross. "We'll continue pressing for these important regulatory reforms designed to reduce unnecessary burdens and improve our competitiveness."