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MCUL OFIR meet on loan modification issues
PLYMOUTH, Mich. (3/31/10)--Michigan Credit Union League (MCUL) representatives and regulatory affairs staff met with state Office of Financial and Insurance Regulation (OFIR) Commissioner Roger Little and Assistant Director John Kolhoff on March 23 to discuss trends in Michigan’s credit union industry.
Michigan Credit Union League staff met with state Office of Financial and Insurance Regulation (OFIR) Commissioner Roger Little (left) and Assistant Director John Kohloff at the league’s headquarters in Lansing, Mich. (Photo provided by the Michigan Credit Union League)
The first bi-annual meeting of the year, held in Lansing, Mich., covered topics including loan modifications, foreclosures and member business lending. OFIR said its watch list has seen an uptick because net worth across Michigan credit unions continues to decline as delinquencies and charge-offs increase, according to the league (Michigan Monitor March 30). OFIR said it is concerned about interest-rate risk, and that loan modifications and troubled debt restructurings are not being reported according to generally accepted accounting principle requirements. To help credit unions understand these issues, Kolhoff will participate in a “Troubled Debt Restructuring: Panel Discussion” session at the league’s annual convention May 21. Little encouraged credit union CEOs to contact OFIR supervisory examiners and his office to discuss unresolved differences concerning exam issues and examiner conduct. MCUL meets with OFIR and National Credit Union Administration (NCUA) staff twice per year. A follow-up summary of the meeting will be sent to all CEOs and posted to the league’s website after an April 20 meeting with NCUA Supervisory examiners Andrew Healey and Dennis DeMilner.
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