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Michigan Credit Union League Capitol Day October 14, 2009 Lansing, Michigan

Michigan Credit Union League Capitol Day October 14, 2009 Lansing, Michigan. Agenda. 10:00 a.m. – 11:30 a.m. Government and Political Affairs Forum and Legislative Issues Briefing Radisson, Capitol Rooms I & II

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Michigan Credit Union League Capitol Day October 14, 2009 Lansing, Michigan

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  1. Michigan Credit Union League Capitol Day October 14, 2009 Lansing, Michigan

  2. Agenda 10:00 a.m. – 11:30 a.m. Government and Political Affairs Forum and Legislative Issues Briefing Radisson, Capitol Rooms I & II 11:30 a.m. - 1:30 p.m.Luncheon with Lawmakers and Staff Mackinac Room, 5th Floor HOB 1:00 p.m. - 2:00 p.m.Presentation of Credit Union Week Proclamation and Tributes Mackinac Room, 5th Floor HOB 2:00 p.m. -Meetings on your own with lawmakers and staff not attending the Luncheon

  3. Legislative UpdateState Issues: Account Inactivity Fees Account Error Notification Financial Elder Abuse Financial Privacy Annual PAC Signature Requirement

  4. Account Inactivity Fees The account inactivity fee bill, SB 772 was introduced by Sen. Roger Kahn (R-Saginaw) on Aug. 26. The legislation would amend the Michigan Banking Code to prohibit a bank from “charging an account holder any fees that are based on account inactivity”. The sponsor’s original intent was to target credit card accounts but that is not reflected in the introduced version of the legislation. At this time, there is no bill that prohibits credit unions from charging dormant account fees, however that could change if the bill moves in its current form. The bill is currently in the Senate Banking and Financial Institutions Committee and the MCUL has expressed CU concerns to Sen. Kahn.

  5. Account Error Notification On Aug. 27, Sen. Alan Sanborn (R-Richmond) introduced SB 779, part of a four bill package aimed at regulating account error notifications. The bill would amend the MCUA by requiring credit unions to inform each account holder within 48 hours when a credit union withdraws from or debits money to an account to correct a dispensing error they made. The MCUL provided suggested language changes taken from the recent State and Federal Issues Working Group meeting. Other bills in the package apply the same regulation to banks, savings banks, and savings and loan assoc. The package is currently in the Senate Banking and Financial Institutions Committee.

  6. Financial Elder Abuse On July 14, Rep. Andy Neumann (D-Alpena) introduced HB 5187, one of many elder abuse bills introduced this year. These bills are similar to legislation from last year and are the result of the 2006 Governor’s Task Force on Elder Abuse. This bill would amend the Social Welfare Act to make it mandatory for financial institutions and their employees to report cases of suspected financial exploitation of adults. The elder abuse legislation is a legislative priority in the Democratically controlled House. This bill is currently in the House Committee on Senior Health, Security and Retirement which is chaired by Rep. Neumann.

  7. Financial Elder Abuse (Cont’d) The MCUL has met with the sponsor and other House members to outline our concerns with mandatory reporting including: Criminal penalties against individual tellers for failure to report abuse (eliminated from MI bill) Statutory penalties on the financial institution for failure to report abuse Financial institution liable for claims of negligence Over reporting Violation of state privacy laws

  8. Financial Privacy On Sep. 16, Rep. Doug Geiss (D-Taylor) introduced HB 5412, part of a four bill financial privacy package. The bill would require credit unions to receive in writing an individual's specific informed consent prior to disclosing or sharing nonpublic personal financial information, changing the practice to an “opt-in”. These bills are reintroductions of legislation that was introduced in 2005 to assist individuals vulnerable to identity theft, but never passed out of committee. Other bills would affect banks, savings banks, and savings and loan associations. These bills are currently in the House Banking and Financial Services Committee.

  9. Annual PAC Signature Requirement HB 4284 – Rep. Fred Miller (D-Mount Clemens), and SB 830 – Sen. Mike Prusi (D-Ishpeming) eliminate the annual signature requirement for PAC checkoff for payroll deductions. Donations to PACs that specialize in low dollar fundraising have been negatively impacted, including MCULAF (state PAC) because of this provision. The annual signature requirement in particular is a hindrance to such programs as Deduct-a-buck for state PAC fundraising. We have been told that once the state budget is complete, the House Elections and Ethics Committee will once again look at taking up this legislation. The MCUL will continue to actively advocate for this change.

  10. QUESTIONS?

  11. Michigan Credit Union League Capitol Day October 14, 2009 Lansing, Michigan

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