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Low-income Mich. CUs powers expanded
PLYMOUTH, Mich. (7/15/08)--The Michigan Office of Financial and Insurance Regulation (OFIR) issued an order June 20 expanding the powers of state-chartered credit unions approved for low-income designation by the National Credit Union Administration (NCUA), according to the Michigan Credit Union League. Michigan state-chartered credit unions now have the authority to exercise all powers granted to low-income designated federal credit unions. Low-income designated, state- chartered credit unions can accept non-member deposits; participate in the Community Development Revolving Loan Program; offer secondary capital accounts; and qualify for an exception from the aggregate loan limit for member business loans (Michigan Monitor July 15). “This is a very important development for state chartered credit unions in Michigan, and we encourage all those affected to read through the letter and develop an understanding of what actions they are now able to take that they previously could not," said league Executive Vice President Patrick La Pine. The Michigan Credit Union Act does not address low-income credit unions. The NCUA has approved the low-income designation for a number of Michigan's state-chartered credit unions with OFIR concurrence. However, until now, act provisions restricted the ability of the credit unions from exercising all powers available to low-income federal credit unions, the league said. For a copy of the order, use the link.
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