Michigan has joined eight other states in signing the 2015 Nationwide Cooperative Agreement for the Supervision of State Chartered Credit Unions, to facilitate the ability to operate across state lines, the Michigan's Department of Insurance and Financial Services said in a prepared statement Friday.
“This agreement eases procedural impediments when interstate branding is a viable choice,” Ann Flood, director of Michigan's DIFS, said in a prepared statement. “Michigan credit unions retain the ability to seek branches in other states subject to host state review.”
Michigan, Idaho, Ohio, Indiana, Kentucky, Oregon, Washington, West Virginia and Wisconsin developed the agreement in conjunction with NASCUS. Several additional states are also considering joining the agreement, though DIFS did not identify them in its prepared statement.
The first goal of the agreement is to promote fair and equitable commerce among state-chartered credit unions based upon reciprocity and appropriate safety and soundness provisions. The second goal is to ensure that discussions occur with the associated regulatory agencies, the credit union industry, and other interested parties to promote consistent and equitable treatment for state-chartered credit unions, according to Michigan's DIFS.
The agreement follows a similar one signed by seven southeastern states in 2009 to facilitate the interstate operations of their state-chartered credit unions. Both this 2015 agreement and the southeastern agreement are available on the NASCUS website.
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