LANSING, Mich.-The $1.6-billion Lake Michigan Credit Union is reportedly considering the purchase of a bank's assets in the state after state regulators enacted new regulations that will allow state-chartered credit unions to acquire assets and assume liabilities, including deposits, of ailing banks and thrifts. The power is already available for federally chartered credit unions and other non-credit unions. The new powers were prompted by a request to the Michigan Office of Financial and Insurance Regulation by Lake Michigan CU in December.
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