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Missouri regulator State CUs surpass 10B assets
JEFFERSON CITY, Mo. (9/7/11)--Missouri’s 125 state-chartered credit unions have surpassed $10 billion in assets for the first time, the Missouri Division of Credit Unions announced. The division also noted that a new state law signed by Gov. Jay Nixon also took Aug 28. Senate Bill 306, passed unanimously by the Missouri Senate and House, includes a provision that has a direct impact on all state-chartered credit unions. As of Aug. 28, Missouri state-chartered credit unions are no longer required to perform a reserve transfer calculation or transfer an amount to regular reserves. There also is a regulation that requires a “recapture” or transfer amount between equity accounts equal to the amount of the quarterly provision for loan loss expense. The previous law, Section 370.320, required each credit union to perform a “reserve transfer calculation” to determine if an amount must be transferred to regular reserves, the division said in a press release. Several years ago, a federal law was enacted that established new minimum capital levels for all federally insured credit unions. As a part of this legislation, a quarterly calculation and potential transfer to regular reserves was eliminated for all credit unions above the minimum prompt corrective action thresholds, of which nearly all Missouri credit unions are.


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