Introduced
by
To revise and update the Michigan Credit Union Act. In addition to revising many technical regulatory requirements and procedures, the bill would allow credit unions to offer more services and have more flexible field of membership (FOM) requirements. A credit union would be allowed to recruit members from several different organizations. Under current law, a credit union my only serve one specific group, such as a particular town or company. Unlike banks, they are tax-exempt non-profit entities. The bill is part of a legislative package comprised of House Bills 4694 to 4700; the same legislation is contained in Senate Bills 490 to 496.
Referred to the Committee on Commerce
