LANSING, Mich. – Michigan Gov. Jennifer Granholm signed severalnew laws that modernize the regulation and chartering ofstate-chartered credit unions. The new laws, says the MichiganCredit Union League, represent the first major changes to theMichigan Credit Union Act since 1986. Among the new laws'provisions are: *modernizing and clarifying the powers of theCommissioner of the Office of Financial and Insurance Services tocharter state credit unions; *allowing state-chartered creditunions to make short-term, 30-day loans to members for up to $1,000at a rate not more than 10% of the principal amount of the loan ininterest and fees; *providing for an examination of state-charteredcredit unions at least once every 18 months; * allowing the boardsof state-chartered credit unions to determine their CU'sfield-of-membership with certain restrictions and subject to reviewby the Commissioner; *allowing for the merger of state-charteredCUs with other credit unions or thrifts; and *expanding the abilityof CUs to provide certain services to nonmembers in underservedareas. In signing the measures, Gov. Granholm said they“accommodate changes in technology and business and allow creditunions to provide new services. Consumers will have more choicesunder these new laws when it comes to seeking and securingfinancial services through credit unions.”

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.