Citing increased efficiency and streamlining of bureau processes, Michigan Financial Institutions Bureau Commissioner Patrick M. McQueen announced decreases in the annual supervisory fees charged to Michigan state-chartered commercial banks, and savings banks.

The fee for banks was slashed by 4% from last year, which represents a 34% decrease on fees over the past decade.

The Financial Institutions Bureau is the primary regulator of Michigan's state-chartered banks, credit unions, savings banks, and over 4000 other licensed lenders. The bureau is 100% self-funded, requiring no general funds for its supervisory, regulatory, licensing and enforcement activities.

"This Administration is committed to providing the best supervision and regulation at the lowest cost to Michigan's depository institutions." McQueen said, and he assured that the bureau "will continue to seek opportunities to improve service and to pass cost savings on to the institutions we regulate."