LANSING, Mich. (2/2/12)--The Michigan Credit Union League (MCUL) is redirecting the former MCUL Small-Asset-Size Initiative Fund to include all affiliated Michigan credit unions, regardless of size, and based on need. It will be renamed the MCUL Credit Union Assistance Fund.
Because of the success of the league's subsidiaries and the continued support from affiliated credit unions, the league said it is increasing the fund to $100,000 from $70,000 (Michigan Monitor Jan. 30).
The league explained it wants to offer assistance to the state's credit unions facing the most significant financial challenges.
While the funds will assist fewer Michigan credit unions, the league will take a more targeted approach to assisting credit unions in need by offering free or discounted services on regulatory compliance, board governance, income improvement, education, marketing and asset liability management.