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News Now

CU System
Michigan DIFS Hosts Meetings For Small CUs
LANSING, Mich. (5/8/13)--The Michigan Credit Union League and the state Department of Insurance and Financial Services (DIFS) are hosting meetings around the state for credit unions with assets under $5 million to discuss a range of issues (Michigan Monitor May 6).

Among the topics are a credit union's board and fiduciary responsibility under the Michigan Credit Union Act, regulatory and legal implications for the board of directors, the purpose of the examination process, new regulations from the National Credit Union Administration and the Consumer Finance Protection Bureau, the Bank Secrecy Act and examiner hot topics.

Two meetings were held in April and were hosted by Public Service CU, Romulus, and Educational Community CU, Kalamazoo, said the league.  Meetings in the northern part of the state will be held May 29 at Filer CU, Manistee, and June 7 at UP Catholic CU, Marquette.

DIFS regulates state-chartered credit unions.


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