By Glory LeDu
Regulatory and Legislative Affairs Specialist
Staff from MCUL & Affiliates (MCUL) and John Kolhoff from the Department of Insurance and Financial Services had four meetings across the state from Romulus to Marquette, for credit unions under $10 million in assets. The meeting topics included board and fiduciary responsibility under the Michigan Credit Union Act, regulatory/legal implications for the board of directors, the purpose of the examination process, new NCUA and CFPB regulations, Bank Secrecy Act and examiner hot topics. The meetings were geared towards board members, CEOs and Executive Management, however anyone from these credit unions was invited to attend.
MCUL anticipates holding another set of these small-asset-size credit union meetings in the fall. If your credit union is under $10 million in assets and you and your board members were unable to attend the initial sessions, we encourage you to attend the upcoming fall sessions. Times and locations will be sent out to respective credit unions as they are scheduled.
If you have questions, or would like further information, please contact a member of the MCUL Regulatory Affairs team at (800) 262-6285.