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

Summary

The bill amends the Credit Union Act so domestic credit unions can secure primary share and deposit insurance from a qualified private insurance organization as well as from federal insurers. It also sets procedures for credit unions denied insurance, permits supplemental private coverage for amounts above federal limits, and creates a licensing process for private insurers. The change aims to expand insurance options and protect members’ deposits.

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