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Economys impact topic at Mich. leagueregulators talk
LANSING, Mich. (10/14/09)--The Michigan Credit Union League (MCUL) met with senior officials of the Credit Union Division of Michigan's Office of Financial and Insurance Regulation (OFIR) last week to discuss concerns and trends in the state's credit union industry during a tough economic period.
Michigan Credit Union League Vice President of Information Services Mike DeFors discusses the economy's impact on Michigan credit unions with Office of Financial and Insurance Regulation Deputy Commissioner Roger Little at an Oct. 5 meeting. (Photo provided by the Michigan Credit Union League)
League officials met with OFIR Deputy Commissioner Roger Little and Assistant Director John Kolhoff Oct. 5 (Michigan Monitor Oct. 12). They discussed several topics, including proper underwriting expectations, recordkeeping and reporting of modified residential loans using generally accepted accounting principles (GAAP). OFIR reported that credit unions' capital levels appear fairly stable for Michigan credit unions. However, the agency has seen an uptick in the "watch list" and expects that trend to continue when September call report numbers are released. OFIR also expressed concern about the growth of commercial loans taken on by credit unions after the borrower had been previously turned down by commercial banks. The meetings "continue to prove effective in keeping abreast of where Michigan credit unions stand with our state regulator," said MCUL Vice President of Information Services Mike DeFors. He termed the conversation with Little and Kolhoff as constructive and "about the positives and areas of concern for credit unions as economic times remain hard. This kind of dialogue is important in keeping lines of communication open between the regulator, the MCUL and all Michigan credit unions." The meetings help raise awareness of issues useful to league representatives visiting credit unions and planning educational sessions and articles. During the meeting, Little reiterated that CEOs should contact his office to discuss any unresolved differences regarding exam issues or unprofessional examiner conduct. The league also scheduled a similar meeting for this week with Andrew Healey, supervisory examiner of the National Credit Union Administration, and said similar meetings with credit union regulators will take place next spring.
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