LIVONIA, Mich. (5/12/15)--Michigan has joined eight other states in signing the 2015 Nationwide Cooperative Agreement for the Supervision of State Chartered Credit Unions, to facilitate the ability to operate across state lines, the Michigan Credit Union League (MCUL) reported (Monitor May 11).
“This agreement eases procedural impediments when interstate branding is a viable choice,” said Ann Flood, director of the Michigan's Department of Insurance and Financial Services. “Michigan credit unions retain the ability to seek branches in other states subject to host state review.”
The agreement was crafted by Michigan, Idaho, Indiana, Kentucky, Ohio, Oregon, Washington, West Virginia and Wisconsin in conjunction with the National Association of State Credit Union Supervisors.
The agreement promotes interstate commerce and cooperation on a reciprocal basis among the participating states. Several additional states are also considering joining the agreement, MCUL said.
The goals of the agreement are to:
The agreement follows a similar agreement signed by seven southeastern states in 2009 to facilitate the interstate operations of their state-chartered credit unions.