LANSING, Mich. (11/12/15)--Legislators on the Michigan 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, will now move to the House floor for consideration by the full chamber after the Thanksgiving legislative recess.
The league statute was last updated in 2003. The package of legislation includes regulatory relief, technical fixes and credit union protections, the league said (News Now Nov. 2.)
In recent weeks, the committee has heard testimony from Ken Ross, Michigan Credit Union League executive vice president/chief operating officer, along with credit union representatives from across the state, as well as Michigan Department of Insurance and Financial Services Director Pat McPharlin.
“Today’s committee vote is a victory for credit unions, but it’s only the first step,” Ross said "We'll continue pressing for these important regulatory reforms designed to reduce unnecessary burdens and improve our competitiveness."