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Michigan league meets with OFIR
LANSING, Mich. (9/9/10)--The Michigan Credit Union League’s association services staff met Aug. 30 with Office of Financial and Insurance Regulation’s (OFIR) Deputy Commissioner Roger Little and Assistant Director John Kolhoff to discuss issues and trends in the state credit union industry. The second bi-annual meeting for this year touched on Michigan credit union and bank performance trends, board responsibilities, foreclosures and loan portfolio risk management. While assets across the industry increased by 6% in the last quarter, many Michigan credit unions have experienced a sharp drop on their return on assets (Michigan Monitor Sept. 7). OFIR stressed proper risk management of loan portfolios, and reporting loan modifications and troubled debt restructurings properly. Little and Kolhoff encouraged credit union CEOs to contact OFIR to discuss any unresolved differences with exam issues, including unprofessional examiner conduct. Michigan league staff meet regularly with senior staff from OFIR and the National Credit Union Administration as a part of the league’s regulatory outreach efforts. The league will meet with NCUA Supervisory Examiners Andrew Healy and Dennis DeMilner Oct. 4.


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