The bill amends the Credit Union Act of 2003, specifically section 207, to update the examination process for domestic credit unions in Michigan. It mandates that the director or their authorized agent examine each domestic credit union at least once every 18 months and allows for examinations of any subsidiaries. The bill also clarifies the confidentiality of examination-related documents, stating that such materials are not subject to the Freedom of Information Act and cannot be disclosed in private civil actions. Additionally, it allows the director to share confidential information with other regulatory agencies and qualified private insurance organizations, provided they maintain confidentiality.

Further changes include the director's authority to suggest best practices for credit unions without imposing penalties for non-compliance, and the requirement for the director to issue guidance to ensure consistency in the examination process by a specified date. The bill also introduces new legal language regarding the handling of confidential documents and the process for judicial review of disclosure requests. Overall, these amendments aim to enhance the regulatory framework governing credit unions while ensuring the protection of sensitive information.

Statutes affected:
House Introduced Bill: 490.207