Wednesday, November 7, 2018

Michigan Regulator Approves CUSO to Provide Trust Services

The Michigan Department of Insurance and Financial Services granted regulatory approval to the formation of limited purpose bank, Credit Union Trust, to provide trust services to credit union members.

Credit Union Trust plans to open late in the first quarter of 2019 and will be headquartered in Farmington Hills, Michigan.

Credit Union Trust will operate as both a credit union service organization (CUSO) and a Michigan limited purpose bank.

Prior to a 2016 change in Michigan law, credit unions could not directly offer fiduciary services.

The organizers of the CUSO are seven credit unions -- Alpena Alcona Area Credit Union (Alpena, MI), Community Choice Credit Union (Farmington Hills, MI), ELGA Credit Union (Burton, MI), Frankenmuth Credit Union (Frankenmuth, MI), Honor Credit Union (Berrien Springs, MI), Members First Credit Union (Midland, MI), and Team One Credit Union (Saginaw, MI).

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