Credit unions could skip state approval for certain rule changes

Covered credit unions would be allowed to make these limited changes without state review or approval. The exception would cover credit unions organized under Michigan law and bylaw changes limited to technical or logistical matters. The exception would apply only if the state regulator defines both terms. The regulator could define them through a rule, bulletin, or formal ruling. The act would take effect July 1, 2027.

The state regulator would have to establish an electronic submission process. The process would cover bylaw changes submitted for state review by credit unions organized under Michigan law. This requirement would take effect July 1, 2027.