Missouri CU Commission Reviews Revised Regulations
The Missouri Credit Union Commission last week began reviewing the draft language of revisions to three regulations related to field of membership that were struck down in March by a Cole County Circuit Court as part of litigation filed by the state's bankers.
According to the Missouri Credit Union Association, the commission accepted the regulations as drafted by the Division of Credit Unions. Revised were the definition of "immediate family," FOM expansion guidelines for geographic areas, and the definition of "underserved area." The rule defining immediate family was accepted as proposed, with the proposal eliminating aunts, uncles, nieces, nephews and cousins from the definition. The draft FOM language included just minor changes, while the proposal containing definitions of "underserved" and "low-income area" was accepted as written. All three revised rules are drafted to apply to expansions after Aug. 31, 2006. Appeals in the court case are expected, but the commission said it wanted to move ahead in the meantime.