LANSING, Mich. – Commissioner Linda Watters of the Michigan Office of Financial Institutions will hold a public hearing Aug. 26 on proposed rules concerning state chartered CUs. The hearing, said Watters, will give the public an opportunity to comment on the proposed rules that "would rescind previous credit union rules and add new or modified administrative rules to assure that credit unions operate in a safe and sound manner under the new Michigan Credit Union Act which took effect June 1." According to Watters' office, the proposed modifications "for the most part, would rescind rules that were incorporated into the new act, modify other rules to conform to the new act, and establish a legal lending limit rule." The public hearing will be held at the Michigan Library and Historical Center.
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