Removing Barriers Blog

Heartland Credit Union Association Pushes Parity Bill
Posted February 01, 2016 by CUNA Advocacy

When Missouri’s legislature convened earlier this month, lawmakers were met with legislation supported by the Heartland Credit Union Association, H 172, which permits the supervisory committees of state chartered credit unions to align their examination procedures with those of federally chartered credit unions. The intent of the measure is to provide parity and ensure state chartered credit unions and federally chartered credit unions fall under the same account verification requirements. Currently Missouri credit unions have to do a full verification while federal charters do not.  Under federal law, credit unions are required to perform account verification once every two years, either by statistical sampling or by 100% verification.