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News Now

CU System
Mich. OFIR outlines governance rate-risk issues
LANSING, Mich. (3/6/11)--The first Michigan Credit Union League’s (MCUL) 2011 meeting with Michigan’s Office of Financial and Insurance Regulation (OFIR) was held on Wednesday with John Kolhoff, OFIR’s new deputy commissioner of the Credit Union Division, and Acting Assistant Director Denice Schultheiss, said MCUL.
John Kolhoff (speaking), deputy commissioner of the Michigan Office of Financial and Insurance Regulation (OFIR), and OFIR Acting Assistant Director Denice Schultheiss, to his right, discuss concerns with Michigan Credit Union League staff at OFIR's first 2011 meeting. (Photo provided by the Michigan Credit Union League)
The meeting began with a profile of the credit union industry in the state, including the impact of recent retirements on the Credit Union Division. Four vacancies exist, but the division is expected to be fully staffed. Some organizational adjustments will be made in the Upper Peninsula, which traditionally shares examiners with the Bank and Trust Division, said the league (Michigan Monitor March 7). OFIR identified key issues it is focusing on this year: continuing to work with credit union boards to clarify their governance role and working to ensure greater diversity of talent and skills on the boards. Board oversight of executive management especially during the current economy is another area that will be assessed, the OFIR officials said. Financial literacy also was discussed at the meeting. Other issues discussed included how interest-rate risk will draw the attention of examiners, with the possibility of rising interest rates negatively impacting interest-rate spreads. Allowance shortfalls, market value of loan collateral and member business lending participations also are on the table. Kolhoff stressed the importance of working with credit unions to resolve issues they experience during the examination process, saying he appreciates feedback and his door is open to credit unions.


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