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News Now

CU System
Michigan raises small-CU threshold to 35 million
NORTHVILLE TOWNSHIP. Mich. (12/21/07)--Trustees of the Michigan Credit Union Foundation have changed the asset-size threshold for small credit unions' eligibility for scholarships. The change, to $35 million from $20 million in assets, will make more credit unions in the state eligible for scholarship assistance. The trustees approved the management recommendation on Dec. 11, according to the Michigan Credit Union League (Michigan Monitor Dec. 17). The new standard raises the number of credit unions eligible for the foundation's $1,000 scholarships to 176 credit unions from 139 and aligns more closely with the threshold used by the Credit Union National Association. The change reflects the changing credit union marketplace, said Alan Babcock, league CU Strategic Solutions vice president. "As credit unions continue to grow, the industry threshold for small asset size (SAS) credit unions has also needed to keep pace," he told the Monitor. Will the foundation have enough funds to accommodate the scholarship requests of the new small-CU designees? Yes. The foundation budgeted additional grant funds in 2007 for SAS credit unions on a needs basis, but the funds weren't used, said Babcock. Reallocating part of the funds to the general scholarship budget will cover the expected increase.


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