Around the States - Michigan


Credit unions apply to form limited purpose bank for investments
Aug. 1, 2018 -- Earlier this week, seven Michigan credit unions applied with the Michigan Department of Insurance and Financial Services to establish a limited purpose financial institution that will provide trust services primarily to credit union members. While the organizers anticipate approval, regulators have 100 days to grant such authority. READ

MI's Clarkston Brandon Community Credit Union conserved
Jan. 13, 2016 -- LANSING -- To protect membership and to ensure uninterrupted access to funds, the Michigan Department of Insurance and Financial Services (DIFS) today took action to conserve Clarkston Brandon Community Credit Union (CBCCU) in Clarkston, MI..

CU Act modernization advances
Dec. 10, 2015 -- LANSING, Mich. — The Michigan Credit Union League (MCUL) said the state's House of Representatives passed a six-bill package on Wednesday that will modernize the Michigan Credit Union Act (MCUA) for the first time since 2003.

North Farmington Senior Earns $5,000 Credit Union Scholarship

May 14, 2015 – One local high school student, as well as 19 other students from the metro Detroit area, received scholarships totaling $100,000 for dedicating their minds to improving Michigan’s future.

Kolhoff Appointed to NASCUS Performance Standards Committee

March 18, 2015 – John Kolhoff, director of the Michigan Department of Insurance and Financial Services (DIFS) Office of Credit Unions and an active member of the National Association of State Credit Union Supervisors (NASCUS), has been appointed to the NASCUS Performance Standards Committee (PSC).

DIFS Releases 2015 Marketplace Premium Estimator and Premiums by Plan

October 31, 2014 – Lansing, Mich. – Department of Insurance and Financial Services (DIFS) and its Reinventing Mi Retirement partners will be at nine locations across the state on Monday, Oct. 20, 2014, offering free workshops and personal financial checkups to consumers. DIFS is hosting events in Detroit, Troy, Alpena, Escanaba, Grand Rapids, St. Joseph, Kalamazoo, Three Rivers, and West Branch.

Reinventing Mi Retirement Offers Free Financial Workshops, Advice

October 14, 2014 – Lansing, Mich. – Department of Insurance and Financial Services (DIFS) and its Reinventing Mi Retirement partners will be at nine locations across the state on Monday, Oct. 20, 2014, offering free workshops and personal financial checkups to consumers. DIFS is hosting events in Detroit, Troy, Alpena, Escanaba, Grand Rapids, St. Joseph, Kalamazoo, Three Rivers, and West Branch.

Andrea Miller Appointed DIFS Public Information Officer

September 30, 2014 – Department of Insurance and Financial Services (DIFS) Director Ann Flood announced the appointment of Andrea Miller as the department’s Public Information Officer. Miller’s appointment was effective Monday, September 29, 2014. Miller will be responsible for media relations in addition to the department’s website and consumer outreach services.

DIFS Thanks Sponsors, Supporters of Reinventing Mi Retirement

September 29, 2014 – Lansing, Mich. – This fall Michigan residents will have better tools and information to help plan for retirement, thanks to numerous financial, insurance, community and non-profit organizations coming together to help launch Reinventing Mi Retirement.

DIFS Banking Director Appointed to CSBS Board

September 19, 2014 – Lansing, Mich. – Karen K. Lawson, Director of the Office of Banking within the Department of Insurance and Financial Services (DIFS), was appointed Wednesday to the Conference of State Bank Supervisors (CSBS) Board of Directors.

Michigan DIFS Clarifies Reporting Requirements

June 26, 2014 – Lansing, Mich. – On June 26, 2014, the Michigan Office of Credit Unions (OCU) issued letter 2014-CU-03, which outlines and clarifies reporting requirements under the Michigan Credit Union Act (MCUA). The letter includes a reference chart of basic reporting requirements by MCUA section and provides the appropriate contact information for submitting necessary notifications. Michigan OCU also highlights the areas where a Michigan-chartered credit union must notify the state regulator via hard copy on credit union letterhead, and the NCUA through the 5300 Call Report or Credit Union Online system. The letter reminds credit unions that the responsibility to confirm receipt by OCU and safeguard confidential information during transmission remains with the credit union. Failure to provide timely and accurate reporting could result in potential fines, penalties, or regulatory actions. The full letter can be found here.

Michigan DIFS Authorizes Derivatives for State Charters

June 23, 2014 – Lansing, Mich. – On June 23, 2014, the Michigan Department of Insurance and Financial Services (DIFS) issued an order granting all Michigan-chartered credit unions authority to purchase interest rate derivatives for the purpose of mitigating interest rate portfolio risk. The order was prompted by a request from DFCU Financial, a Michigan-chartered credit union, for authority to purchase the financial instruments to diversify their interest rate portfolio. NCUA’s final rule authorizing limited use of interest rate derivatives in federal charters became effective in March 2014.

Health One Credit Union Conserved

May 16, 2014 – Detroit, Mich. – The NCUA is now in charge of day-to-day operations at the $18 million Health One Credit Union in Detroit, which was placed into conservatorship May 16 by the Michigan Department of Insurance and Financial Services.

Michigan Issues Bulletin Clarifying State Rules Surrounding Permissible Employee Deferred Compensation Arrangements and Related Investment Limitations

October 16, 2013 – Lansing, Mich. – The State of Michigan Department of Insurance and Financial Services, Office of Credit Unions has issued a bulletin clarifying state rules surrounding permissible employee deferred compensation arrangements and related investment limitations. This information corresponds to Section 401(2)(ss) and 401(2)(i) of the Michigan Credit Union Act (MCUA).

 

 

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