WICHITA, Kan. – Lawmakers worried about expansive credit unions plan to look at clarifying standards for field of membership for state chartered credit unions.
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The House’s Special Committee on Financial Institutions and Insurance on Tuesday voted to hold hearings into the issue, fueled by the growing number of broad community charters–at least five credit unions have statewide charters.
Lawmakers are looking at explicit limits on community charters, such as those passed last year in Missouri which restrict community FOMs to the home county of a credit union’s main office and contiguous counties.
