Michigan has joined eight other states in signing the 2015Nationwide Cooperative Agreement for the Supervision of StateChartered Credit Unions, to facilitate the ability to operateacross state lines, the Michigan's Department of Insurance and Financial Services saidin a prepared statement Friday.

“This agreement eases procedural impediments when interstatebranding is a viable choice,” Ann Flood, director of Michigan'sDIFS, said in a prepared statement. “Michigan credit unions retainthe ability to seek branches in other states subject to host statereview.”

Michigan, Idaho, Ohio, Indiana, Kentucky, Oregon, Washington,West Virginia and Wisconsin developed the agreement in conjunctionwith NASCUS. Several additional states are also considering joiningthe agreement, though DIFS did not identify them in its preparedstatement.

The first goal of the agreement is to promote fair and equitablecommerce among state-chartered credit unions based upon reciprocityand appropriate safety and soundness provisions. The second goal isto ensure that discussions occur with the associated regulatoryagencies, the credit union industry, and other interested partiesto promote consistent and equitable treatment for state-charteredcredit unions, according to Michigan's DIFS.

The agreement follows a similar one signed by seven southeasternstates in 2009 to facilitate the interstate operations of theirstate-chartered credit unions. Both this 2015 agreement and thesoutheastern agreement are available on the NASCUS website.