Credit Union Act (Private Insurance Filings)

Current understanding

The Michigan Credit Union Act (2003 PA 215) governs the chartering, operations, and regulatory oversight of domestic credit unions in Michigan, including insurance requirements for member share accounts. HB5779 (passed chamber) would amend sec. 301 (MCL 490.301) to allow domestic credit unions to use a commitment from a qualified private insurance organization in certain regulatory filings, expanding acceptable insurance documentation beyond current options. The bill is tie-barred to HB5780–HB5783 of 2026, suggesting a coordinated package of Credit Union Act amendments.

Evidence log

• 2026-06-17 — Financial institutions: credit unions; insurance from a qualified private insurance organization; allow for domestic credit unions. Amends sec. 387 of 2003 PA 215 (MCL 490.387). TIE BAR WITH: HB 5779’26, HB 5780’26, HB 5781’26, HB 5783’26: HB5782 (passed chamber) amends sec. 387 of the Credit Union Act (2003 PA 215, MCL 490.387) to allow domestic credit unions to obtain share insurance from qualified private insurance organizations rather than exclusively federal insurers; tie-barred to HB5779, HB5780, HB5781, and HB5783. (novelty: 2)
• 2026-06-17 — Financial institutions: credit unions; commitment for insurance from a qualified private insurance organization; allow for domestic credit unions in certain filings. Amends sec. 301 of 2003 PA 215 (MCL 490.301). TIE BAR WITH: HB 5780’26, HB 5781’26, HB 5782’26, HB 5783’26: cross-connection with money-transmission-modernization: Both are 2026 amendments modernizing Michigan’s financial-institution licensing and regulatory frameworks (credit unions and money transmitters respectively). (novelty: 2)

Open questions

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