MI HB5017

Establishes a credit union regulatory fund in the Department of Treasury to receive and retain fees, fines, and other money collected under the Credit Union Act, with funds used only for credit union regulatory purposes as determined by the director.

Creates the position of "associate board member" as an advisory, non-voting role that credit union boards may appoint; associate board members must sign confidentiality agreements and cannot participate in votes.

Modifies board governance requirements to allow credit union boards to meet by electronic communication devices, establish written consent procedures for board actions, and implement additional removal procedures for board members specified in bylaws.

Expands credit union powers to include investments in interest rate derivatives for portfolio risk mitigation (with 60-day director notice requirement) and charitable donation accounts meeting federal standards.

Enactment contingent on simultaneous passage of House Bills 5018, 5019, 5020, 5021, and 5022; effective 90 days after enactment (September 7, 2016).