Form FIS 1122 Application for Conversion of Charter to a Federal/Foreign Credit Union - Michigan

Form FIS1122 or the "Application For Conversion Of Charter To A Federal/foreign Credit Union" is a form issued by the Michigan Department of Insurance and Financial Services.

Download a PDF version of the Form FIS1122 down below or find it on the Michigan Department of Insurance and Financial Services Forms website.

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FIS 1122 (3/17) Department of Insurance and Financial Services Page 1 of 4
S
M
TATE OF
ICHIGAN
DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES
RICK SNYDER
PATRICK M. M
PHARLIN
C
GOVERNOR
DIRECTOR
L
ANSING
TO THE APPLICANT
RE:
Application for Conversion to a Federal/Foreign Credit Union
In response to your request, please find the enclosed Application for Conversion of Charter
to a Federal/Foreign Credit Union and related reference materials.
The National Credit Union Administration (NCUA) must be notified of the proposed
conversion. Throughout the conversion process, Department of Insurance and Financial
Services should be notified of any communication (oral or written) with NCUA regarding
this application.
An original, signed application must be submitted to this office.
Please refer to the
Michigan Credit Union Act (Act), PA 215 of 2003, as amended, for the statutory criteria to
be addressed in the conversion process.
Enclosures
TH
Street/Delivery Address: 530 W. ALLEGAN STREET, 7
FLOOR, LANSING, MICHIGAN 48933
Mailing Address: P.O. BOX 30220, LANSING, MICHIGAN 48909-7720
www.michigan.gov/difs  TOLL FREE 877-999-6442  LOCAL 517-284-8800
FIS 1122 (3/17) Department of Insurance and Financial Services Page 1 of 4
S
M
TATE OF
ICHIGAN
DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES
RICK SNYDER
PATRICK M. M
PHARLIN
C
GOVERNOR
DIRECTOR
L
ANSING
TO THE APPLICANT
RE:
Application for Conversion to a Federal/Foreign Credit Union
In response to your request, please find the enclosed Application for Conversion of Charter
to a Federal/Foreign Credit Union and related reference materials.
The National Credit Union Administration (NCUA) must be notified of the proposed
conversion. Throughout the conversion process, Department of Insurance and Financial
Services should be notified of any communication (oral or written) with NCUA regarding
this application.
An original, signed application must be submitted to this office.
Please refer to the
Michigan Credit Union Act (Act), PA 215 of 2003, as amended, for the statutory criteria to
be addressed in the conversion process.
Enclosures
TH
Street/Delivery Address: 530 W. ALLEGAN STREET, 7
FLOOR, LANSING, MICHIGAN 48933
Mailing Address: P.O. BOX 30220, LANSING, MICHIGAN 48909-7720
www.michigan.gov/difs  TOLL FREE 877-999-6442  LOCAL 517-284-8800
FIS 1122 (3/17) Department of Insurance and Financial Services Page 2 of 4
Application for Conversion to a Federal/Foreign Credit Union
The Director of the Department of Insurance and Financial Services has determined that this application is available for public inspection or copying
pursuant to the provisions of the Freedom of Information Act, PA 442 of 1976, MCL 15.231 et seq., and section 205 of the Michigan Credit Union Act, PA
215 of 2003, as amended; MCL 490.205. Accordingly, except as otherwise indicated in this application, the contents of the application shall be disclosed
to any person who properly requests an opportunity for inspection, examination, or copying.
1.
It is the responsibility of the applicant(s) to ensure that the state and federal statutory requirements in connection with this application are satisfied.
2.
The application information must be typed and submitted on the attached forms.
3.
The application must be filed with original signatures where applicable.
4.
The Department of Insurance and Financial Services (DIFS) will not accept an incomplete application. Complete responses to all applicable
questions will expedite processing of the application.
5.
Provide a certified copy of the Board of Directors resolution which authorized submission of the application for conversion of charter.
6.
Provide a statement of the specific business reasons supporting the request for conversion.
7.
Provide a copy of the Proposed Notice to Members of Consideration of Conversion.
8.
Provide a copy of the Proposed Notice of Special Meeting of the Members.
9.
Provide a copy of the Proposed Ballot to be mailed for membership vote.
10.
All information provided to DIFS as a result of the application will be made a part of the application file, except that information which warrants
other treatment as determined by DIFS.
11.
If additional space is necessary to fully answer any question, extra pages may be attached to this application.
12.
Amendments to the application must be submitted in writing. Each amendment must clearly note the specific section, page, and item which is to
be amended. Substantive amendments will be acknowledged in writing by DIFS.
13.
An application may be formally withdrawn by written request of the Applicant, or it must be allowed to proceed to a decision.
14.
Any questions pertaining to the completion of this application should be directed to Corporate Activities and Risk Assessment, telephone 517-284-
8822.
15.
A completed application should be mailed to:
DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES
ATTENTION: CORPORATE ACTIVITIES AND RISK ASSESSMENT
P.O. BOX 30220
LANSING, MI 48909-7720
Authorized by PA 215 of 2003, as amended. Required for permission to convert a state credit union.
FIS 1122 (3/17) Department of Insurance and Financial Services Page 3 of 4
Application for Conversion of Charter to a Federal/Foreign Credit Union
Existing Credit Union Name
Date of Application
Existing Credit Union Address
City, Village or Township
County
State
Zip Code
Persons authorized to submit this application
Name
Title
Date
Name
Title
Date
Representative responsible for responding to questions relating to this application
Name
Title
Telephone Number
Address
City, Village or Township and State
Zip Code
Proposed Credit Union Name
Proposed Credit Union Address
City, Village or Township
County
State
Zip Code
MICHIGAN
FIS 1122 (3/17) Department of Insurance and Financial Services Page 4 of 4
Conversion of Charter to a Federal/Foreign Credit Union
Section 372 of the Michigan Credit Union Act of 2003, as amended, MCL 490.376 sets forth the statutory
requirements and limitations by which a domestic credit union may be converted into a federal/foreign
credit union. Among other things, the law requires the conversion to be approved by the Director of the
Department of Insurance and Financial Services. The approval of the Director shall be based on the
proceedings had by its directors and members with respect to conversion.
The Director will approve an application by a domestic credit union to convert to a federal/foreign credit
union provided the applicant meets all statutory criteria, and when such approval is consistent with the
basic objective of maintaining a safe and sound credit union system.
In determining the qualifications of an applicant for conversion, the following factors will be evaluated and
considered:
A.
Reasons for Conversion: The applicant should clearly articulate sound business reasons for
seeking to be a federal/foreign credit union. The applicant should demonstrate the benefits
that will accrue to the credit union because of a conversion and indicate in what ways it will be
more successful with a federal/foreign charter.
An application to convert should not be
motivated solely by supervisory pressures from regulatory authorities.
B.
Proceedings of Directors and Members: The application for conversion should be complete
and accurate. The applicant should furnish full documentation of the proceedings had by its
directors and members as required by law and as more fully described in the instruction given
in connection with filing the application.
Unsatisfactory performance with respect to these or any other factors considered by the Director can
result in disapproval of a conversion application. In all instances, the applicant will be made aware of
weaknesses, which in the Director's opinion preclude approval of the conversion. An applicant will be
given the opportunity to correct problems and eliminate deficiencies or to submit a plan of correction.
Any corrective actions effected and any plan of correction should be reasonable and will be subject to
acceptance by DIFS.
If all of the conditions required by statute are met and the Director determines that any notices to
members were accurate, timely, and not misleading, and that conduct of the vote on the conversion plan
was fair and lawful, the Director shall approve the conversion and the conversion is effective.

Download Form FIS 1122 Application for Conversion of Charter to a Federal/Foreign Credit Union - Michigan

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