LANSING, Mich. – The Michigan Office of Financial and Insurance Services, the regulator for Michigan’s state chartered credit unions, has taken exception to a statement made by Lake Michigan Credit Union’s spokesman, Richard Austin, in a local media outlet. The Grand Rapids Press quoted Austin, the credit union’s director of marketing, as blaming regulations for forcing the CU’s possible move to a thrift charter. “We didn’t want to do this. The regulators are the ones that are forcing the issue. We have had almost 300% growth in the last three years.” OFIS replied that it “has taken no regulatory action against Lake Michigan Credit Union, and none is pending.” The agency added that “[p]ublic disclosure of OFIS financial institution regulatory actions, even if accurate, is a violation of law. OFIS expects officials of all state-chartered financial institutions to act responsibly, and strongly encourages the officials of Lake Michigan Credit Union to correct these incorrect assertions.”

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

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • 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

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.