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
Key claim: Michigan HB5782 would amend the Credit Union Act to allow domestic credit unions to obtain share insurance from qualified private insurance organizations, not just federal insurers.
Abstract
(HB5782 · 103rd Legislature) 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 Latest action (2026-06-23): Referred To Committee On Finance, Insurance, And Consumer Protection
Why this matters
For Michigan credit unions and their members, the change would broaden the acceptable sources of share insurance beyond federal insurers (NCUA) to include qualified private insurance organizations, potentially affecting how deposits are protected and how credit unions structure their coverage. It is part of a coordinated five-bill package (HB5779–HB5783) modernizing the Credit Union Act, signaling a broader Michigan effort to update financial-institution regulation. Consumers should note that private share insurance carries different guarantees than federal insurance.