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
Key claim: Michigan HB5779 would amend the Credit Union Act to allow domestic credit unions to use a qualified private insurance organization’s commitment in certain regulatory filings.
Abstract
(HB5779 · 103rd Legislature) 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 Latest action (2026-06-23): Referred To Committee On Finance, Insurance, And Consumer Protection
Why this matters
For Michigan’s domestic credit unions, allowing a qualified private insurance organization’s commitment to substitute for federal share insurance in certain filings expands options for share-account coverage documentation and could affect competition among insurers of credit union deposits. Members and taxpayers have an interest in whether private share insurance offers comparable protection to NCUA federal insurance, since credit union failures could shift losses onto members if private guarantees fall short. The tie-bar to four companion bills signals a coordinated package that regulators and credit union members should evaluate together.