Credit Unions Chartered in the State of Michigan

Overview

Credit Unions Chartered in the State of Michigan is a nonprofit organization designated as a 501(c)(14) entity. It is composed of state-chartered credit unions and mutual reserve funds. The organization operates under the regulatory oversight of the Office of Credit Unions (OCU) in Michigan, which ensures that these credit unions provide safe, sound, and reliable financial services to their members.

Financial Operations

These credit unions derive their revenue primarily from program services, which include financial services provided to members, such as loans and savings accounts. They also generate income through investments and occasional miscellaneous sources like royalties. Donations to this organization are generally not tax deductible.

Notable Statistics

• Revenue Composition: Program services dominate the revenue structure, with substantial support from investment income and smaller contributions from miscellaneous sources.
• Assets and Liabilities: The organization maintains significant total assets, which are often closely matched by total liabilities, reflecting the financial leverage characteristic of credit unions.

Regulatory Framework

State-chartered credit unions in Michigan are regulated by the Office of Credit Unions (OCU), ensuring compliance with state and federal financial regulations. This oversight is critical for maintaining public confidence in these financial cooperatives.

Mission Statement

While specific mission statements vary among individual credit unions under this umbrella, they generally focus on providing quality financial services to improve the lives of their members. This mission encompasses operating prudently and securely while addressing the diverse financial needs of their membership base.

NTEE Classification

Credit unions like those chartered in Michigan are classified under the NTEE category for Public & Societal Benefit, reflecting their role as member-owned financial cooperatives serving public interests.

Historical Context

The development of credit unions in Michigan reflects a broader trend in the U.S. cooperative financial sector, where member-owned institutions offer financial services with a focus on community support and mutual benefit.