MichiganCredit unions would follow federal timing rules for merger meeting notices
For merger votes held at special member meetings, credit union boards would send written notices stating the meeting’s purpose under a cited federal timing rule.
What it does
Merging credit unions, except the surviving one, would send written notices before special meetings for member merger votes, using a federal timing rule. The state regulator could waive the vote for members’ best interests or a credit union’s current or imminent inability to meet financial obligations.
Argument forUsing a federal timing rule could help credit unions follow a consistent schedule when notifying members about merger meetings.
Argument againstPutting notice deadlines in a separate federal regulation could make it harder for members to find out when notices are due.
More detail
Boards would send each member written notice explaining the meeting’s purpose. This covers special merger-vote meetings at participating credit unions other than the surviving credit union. The state regulator could waive the vote if it serves members’ best interests or the credit union is insolvent—unable to meet its financial obligations—or faces imminent insolvency. The notice would follow the timing requirements in 12 CFR 708b.106(a), which is not reproduced here.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Oct 27REFERRED TO COMMITTEE OF THE WHOLE WITH SUBSTITUTE (S-1)Latest
- Oct 27REPORTED FAVORABLY WITH SUBSTITUTE (S-1) 10/14/2026Minor
- Jun 10REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTIONMinor
- Jun 10INTRODUCED BY SENATOR MICHELE HOITENGAIntroduced
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