Michigan CUs Eye Reform Law

Published June 11, 2007, 1:00 a.m. EDT

|

Updated August 27, 2020, 1:50 a.m. EDT

1 Min Read

LANSING, Mich. - Credit union representatives began kicking around new ideas for legislative reform, including giving management more power to expel members; authorizing trust powers and easing CUSO rules.

Processing Content

A group organized by the Michigan CU League met May 24 to review the four-year-old CU Reform law and decide whether new reforms ought to be made.

The panel made several recommendations, including: allowing management to expel or suspend members, an authority now reserved for the board; allowing credit unions to expel members for unusual account activity; expanding powers to offer estate, or trust accounts; and expediting the field of membership expansion process. The panel also recommended provisions allowing CU CEOs to receive automated loan approvals without obtaining prior approval from the board for each loan and allowing senior management to receive commissions on loans, as long as they are not involved in the underwriting process.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

M&A

Ohio bank makes deal to blow past $10 billion-asset mark

Peoples Bancorp, which has been hovering just below a key regulatory threshold, plans to get to $14 billion of assets with its planned acquisition of Maryland-based Capital Bancorp.

By John Reosti
Reporter

42m ago
Federal Reserve

Fed watchdog finds no criminal violations in HQ project

The Federal Reserve Office of the Inspector General issued its much-anticipated report on the ongoing renovations at the central bank's Washington, D.C., headquarters and found no criminal wrongdoing.

By Maria Volkova
Reporter

1h ago
Licenses and charters

OCC approves first CEBA credit card bank in 20 years

The federal banking agency has conditionally approved Mission Lane's request for a limited-purpose credit card bank charter.

By Melinda Lucy
Tech Reporter

2h ago
Living wills

Fed & FDIC cite 'significant uncertainty' in Amex living will

The Federal Reserve and Federal Deposit Insurance Corp. said they have doubts about the feasibility of American Express' resolution plan, yet issued no formal deficiencies with theirs or any of the other 14 other large banks' resolution plans reviewed.

By Ebrima Santos Sanneh
Reporter

2h ago
Originations

Home prices lag inflation; eastern metros build equity

Home value fell in real terms, as inflation ran 1.5 percentage points above price growth, down slightly from 3.5% in June, according to the Case-Shiller index.

By Colin McNamara
Reporter

4h ago
Stress tests

Fed finalizes stress test reforms, takes comment on scenarios

The Federal Reserve voted 6-1 to finalize its proposed stress test reforms, including seeking input on stress test scenarios and models annually and averaging results over two years.

By Kyle Campbell
Staff writer

4h ago

Load More