Michigan Joins Eight Other States in Signing Agreement to Facilitate Ability of Credit Unions to Operate Across State Lines
Foster Swift Finance, Real Estate and Bankruptcy News
June 18, 2015
Michigan recently became the ninth state to sign the 2015 Nationwide Cooperative Agreement for the Supervision of State-Chartered Credit Unions (the “Agreement”). The Agreement, developed by Michigan, Idaho, Ohio, Indiana, Kentucky, Oregon, Washington, West Virginia and Wisconsin, in conjunction with the National Association of State Credit Union Supervisors, is intended to facilitate the ability of credit unions to operate across state lines. According to Michigan’s Department of Insurance and Financial Services (“DIFS”), several additional states are considering joining the Agreement.
The DIFS identified the goals of the Agreement, which are to:
- promote fair and equitable commerce among state-chartered credit unions based upon reciprocity, subject to appropriate safety and soundness provisions, in order to best serve the citizens of the respective states; and
- ensure that continued discussions occur with the associated regulatory agencies, the credit union industry, and other interested parties to promote consistent and equitable treatment for state-chartered credit unions, so they may effectively compete.
Have questions regarding the “Agreement?” Contact Attorney Steve Owen at 517.371.8282 or firstname.lastname@example.org.
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- Supreme Court Decides Bullard V. Blue Hills Bank and Rules that an Order Denying a Chapter 13 Plan Is Not Appealable
- Upcoming Webinar Series: Collect Your Money in Bankruptcy
- Whose Money Is It? Supreme Court Rules for Debtor in Dispute over Postpetition Wages
- Michigan Landlord/Tenant Law Amended to Allow for Electronic Service of Eviction Notices
- Credit Reporting Agencies Unite to Transform Reporting and Resolution Practices