Michigan

Michigan on Monday approved a charter for a new financial institution designed for lesbian, gay, bisexual and transgender customers, clearing the way for online service to begin early in 2020.

The East Lansing, Mich.-based credit union exceeded its growth expectations for card performance during the annual e-commerce event.

Two Michigan credit unions were sued by an individual who claimed their websites didn't comply with the Americans with Disabilities Act.

United Churches Credit Union, which has just one branch, can now serve anyone who worships in two counties.

Recent legislation to lower auto insurance premiums in the Wolverine State could cut into noninterest income, but many institutions are still unclear on how much of a hit they’ll take.

Management at the Wyoming, Mich.-based institution decided on the name Bloom Credit Union after a review of its core values and market position.

The Michigan company will pay $68 million to expand in a high-priority market.

The St. Joseph, Mich.-based institution faced claims that it didn't properly opt members in to its overdraft program.

The Michigan company disclosed that an unnamed client made a large payment on a $6.5 million nonperforming loan.

The year's second-biggest bank merger created a Midwestern regional with nearly $50 billion in assets, and its CEO and executive vice chairman don't intend to stop there.

The Michigan-based institution also recorded increases in earnings, deposits and membership.

A growing number of credit unions are moving their headquarters to revitalized urban areas, and while some say that could help recruit new staff, it also carries the risk of being associated with gentrification.

Membership continues to rise across the Wolverine State, though at a slower pace, but lending overall is on the decline.

As the industry continues to consolidate, operating branches in states far removed from headquarters could move from the exception to the rule.

Credit unions can usually limit attrition of consumer accounts after a bank acquisition, but maintaining relationships with business customers is the bigger challenge.

Sterling Bancorp must enhance its BSA policies and hire an outside firm to review its account activity.

The Michigan-based CUSO has acquired a stake in NestReady, giving it exclusive industry rights on the mortgage technology firm's products.

One consultant offers tips on how to better understand – and compete with – new entrants to the financial services marketplace.

Northpointe Bancshares sold stock to an affiliate of Castle Creek Capital.

The Michigan-based institution is one of a handful of credit unions that have bought or announced deals to acquire banks over the last two years.