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State Regulator Clarifies Lake Michigan Statements

LANSING, Mich. - The Michigan Office of Financial and Insurance Services, the regulator for Michigan's state chartered credit unions, has taken exception to a statement made by Lake Michigan Credit Union's spokesman, Richard Austin, in a local media outlet. The Grand Rapids Press quoted Austin, the credit union's director of...

By Staff Writer | Updated on February 24, 2004

LANSING, Mich. – The Michigan Office of Financial and Insurance Services, the regulator for Michigan’s state chartered credit unions, has taken exception to a statement made by Lake Michigan Credit Union’s spokesman, Richard Austin, in a local media outlet. The Grand Rapids Press quoted Austin, the credit union’s director of marketing, as blaming regulations for forcing the CU’s possible move to a thrift charter. “We didn’t want to do this. The regulators are the ones that are forcing the issue. We have had almost 300% growth in the last three years.” OFIS replied that it “has taken no regulatory action against Lake Michigan Credit Union, and none is pending.” The agency added that “[p]ublic disclosure of OFIS financial institution regulatory actions, even if accurate, is a violation of law. OFIS expects officials of all state-chartered financial institutions to act responsibly, and strongly encourages the officials of Lake Michigan Credit Union to correct these incorrect assertions.”

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