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News Now

CU System
Michigan state-chartered CUs can buy non-CU assetsliabilities
LANSING, Mich. (3/25/09)--The state regulator has granted state-chartered credit unions in Michigan additional powers to acquire assets and assume liabilities, including deposits from depository institutions other than credit unions, in purchase and assumption contracts. Michigan's Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross authorized the additional powers on March 3. The power is already available to federally chartered credit unions and other domestically chartered non-credit union depositories, according to a March 13 letter to state-chartered credit union boards from Deputy Commissioner Roger W. Little. Authorizing the power provides state-chartered credit unions greater opportunity to compete with other financial service providers and to better meet the financial needs of their memberships and communities, said Little. The order was requested on Dec. 4, 2008, by Lake Michigan Credit Union, a state-chartered credit union. The order said it would "level the competitive playing field among credit unions operating in Michigan."


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