Review & Sign the Petition below

We request that Director Anita Fox, State of Michigan, Director of Department of Insurance and financial services, take the necessary steps to amend Section 490.387 of the Michigan State Credit Union Act. This change would permit credit unions under its jurisdiction to evaluate private deposit insurance as an option to the National Credit Union Share Insurance Fund, bringing Michigan into parity with its neighboring states of Ohio and Indiana.

We submit that this would help us regain authority over NCUA decisions impacting the use of credit union capital for purposes that are of little or no benefit to Michigan state-chartered credit unions. A private insurance option would require the approval of both Michigan Insurance and credit union regulators and be subject to the review and requirements of the appropriate regulator.

This change would also address the growing concern of federal insurance requirements that overstep and preempt the authorities of our chosen state charter and the regulations that our owners have selected under the constitutional principles of dual-chartering. Our credit unions and our members enjoy those advantages provided by a Michigan State Charter and want to foster the continuing modernization and cooperative advantages of that member/owner decision.

Thank you for your consideration.

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