Banker-Led Bill Prompts GMCU To Flee State Charter

Published January 28, 2008, 1:00 a.m. EST

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Updated August 27, 2020, 1:26 a.m. EDT

1 Min Read

ST. LOUIS - Gateway Metro CU, one of Missouri’s largest state-chartered credit unions, said it has fled the state charter in light of a new banker-forced law that restricts community fields of membership.

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The federal charter will allow the $180-million CU to serve a much broader market than the one set out by a new law, prompted by the bankers’ FOM suit challenging the state’s expansive community charter grants. Under the new law, a state-chartered credit union may expand only outside its own county to a county that is contiguous to its main office. Gateway Metro CU is at least the second credit union to flee the state charter since last year’s passage of the new law, joining Aerospace CU, a $175-million St. Charles CU. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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