JEFRESON CITY, Mo. (5/16/11)--Missouri credit unions successfully passed legislation modernizing the Missouri Credit Union Act during the final weeks of the 2011 state legislative session, according to the Missouri Credit Union Association (MCUA). Companion bills H.B. 465 and S.B. 306, sponsored by State Rep. Don Wells (R-District 147) and State Sen. Jay Wasson (R-District 20) respectively, passed unanimously in both chambers of the Missouri General Assembly. The Credit Union Act modernization:
* Provides consumer protections for personal information contained in examinations; * Lifts the $25,000 limit on unsecured loans for volunteers; * Authorizes electronic balloting for mergers and conversions; and * Establishes due process for removing a credit union volunteer or officer.
“It makes sense for Missouri credit unions to update and improve their charter, just like other businesses in Missouri,” says Mike Beall, MCUA president/CEO. “With the passage of this legislation, we’ve renewed that concept for the Missouri state credit union charter.” MCUA worked with the Missouri Division of Credit Unions to develop the legislation. MCUA Chief Advocacy Officer Peggy Nalls ushered the credit union legislation through the General Assembly. This is the first credit union bill introduced in the Missouri General Assembly since 2008. “There are a great many things credit unions can champion for consumers,” Nalls noted. “Modernization of the state statute allows us keep pace with changes in a fast-paced regulatory environment, which helps credit unions grow to meet the changing needs of their members. We are very appreciative that the bill passed unanimously. That indicates a strong level of support for credit unions in the Missouri General Assembly.” The 2011 legislative session officially ended Friday. During the next two weeks, Missouri Capitol staff members and the reviser of statues will be working to post the final versions of all bills, MCUA said.