True. At today's compliance committee meeting, Matt Hanley gave further information. The package is in the hands of the senate banking committee at present, and will see action this year. However, priority is given to the credit union issue. I'd encourage you to write your state congressperson regarding proposed expansion of credit union fields of eligibility. They have some legitimate beefs (i.e. their parallel to the MI Banking Code hasn't been fully updated since the 1920s), but opening membership across the board makes the c/u's look too much like banks. And if you're going to act like a bank, you should pay taxes like a bank. And comply with CRA like a bank. Just my two cents - I'll get off the soapbox now.
Opinions are Bartman's, not those of my employer. "A noble spirit embiggens the smallest man."