LANSING, Mich. (12/11/15)--The Michigan House of Representatives on Wednesday passed a six-bill package that will modernize the Michigan Credit Union Act (MCUA) for the first time since 2003, the Michigan Credit Union League (MCUL) reported.
These bills--which were passed unanimously out of the House Financial Services Committee--received overwhelming bipartisan support.
The six-bill package (House Bills 5017-5022) contains a number of measures designed to provide regulatory relief, including eliminating fixed-asset limits for well-capitalized credit unions, more board delegations for routine matters, updated information technology vendor contracting requirements and much more.
“Today’s passage by the House was a step forward for Michigan credit unions but more importantly it will benefit credit union members across the state,” said Ken Ross, MCUL executive vice president/chief operating officer. “Our government affairs team worked very closely with Chairman Tony Forlini (R-Harrison Township) and members of the State House as they vetted these bills, and we look forward to working just as closely with their Senate colleagues as we work our way through the process."
Kirk Hanna, MCUL vice president of government affairs, said Michigan credit union members established 1,500 points of contact with state legislators in advocating for the bill.