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Financial Services Law Insights and Observations

Michigan Office of Credit Unions issues letter to CEOs and board leaders

State Issues Covid-19 Michigan Credit Union Privacy/Cyber Risk & Data Security

State Issues

On March 13, the Michigan Office of Credit Unions Director Denice Schultheiss issued a letter to credit union CEOs and chairpersons providing guidance for annual meetings and closure notifications during the Covid-19 crisis. The guidance allows credit unions to cancel or postpone annual meetings without being penalized, and encourages remote meetings via video conferencing, if possible. Credit unions were also instructed to inform the office in the event of location closures, providing as much detail on the closure as possible and how the closure could impact services to members. In addition to addressing annual meetings and closures, the letter encouraged credit unions to be vigilant of heightened cyber risk during the crisis.   

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