Michigan Gives OK to Credit Union Trust

Michigan regulators have approved the formation of Credit Union Trust, a special purpose bank that will allow a group of seven credit unions to provide investment and trust services directly to members, its organizers announced Monday.

While credit unions routinely provide a range of wealth management services for their members, they were unable to directly provide fiduciary services such as trusts until a 2016 change in Michigan law allowed the creation of this new type of limited purpose financial institution.

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