LANSING, Mich. (2/25/15)--The Michigan Credit Union League last week presented a strong voice for credit unions in testimony before the state Legislature.
|Steve Dedene, compliance and regulatory affairs manager of Credit Union ONE, Ferndale, Mich., joined the Michigan Credit Union League in providing an industry update to the state House Financial Services Committee on the increasing regulatory burden facing credit unions. (Michigan Credit Union League Photo)|
MCUL testified in front of the Senate Finance Committee in favor of legislation to allow financial institutions to retain the principal residence exemption rate of taxation on residential property (Michigan Monitor Feb. 24). The legislation moved a step closer to passage last week.
Senate Bill 81, sponsored by Senate Finance Committee Chairman Sen. Jack Brandenburg (R-Harrison Township), passed out of the committee with a unanimous bipartisan vote last week. The bill will next be heard on the Senate floor for consideration by the full chamber. The legislation would allow financial institutions that take possession of properties through foreclosure to pay the lower homestead tax rate.
This would reduce costs for the financial institution as well as allow more people to afford to purchase the homes since buyers would not have to be qualified based on the higher non-homestead tax rate.
The bill would allow financial institutions to pay the lower homestead tax rate for up to two years.
Also on the legislative front, MCUL staff was joined by Steve Dedene, compliance and regulatory affairs manager of Credit Union ONE, Ferndale, to provide an industry update to the state House Financial Services Committee on the increasing regulatory burden facing credit unions.
MCUL gave an overview of the Dodd-Frank Act, the Consumer Financial Protection Bureau and the massive amount of new regulations coming down on the industry, while Dedene described how credit unions have weathered regulatory burden.
Committee Chair Anthony Forlini (R-Harrison Township) requested MCUL's appearance.