Removing Barriers Blog

Parity Bill Enacted in Missouri
Posted June 07, 2016 by CUNA Advocacy

Exactly six months after its introduction, legislation permitting the supervisory committees of state-chartered credit unions to align their examination procedures with those of federally chartered credit unions was signed into law.

The Heartland Credit Union Association-supported measure will be effective in August and ensures state chartered credit unions and federally chartered credit unions fall under the same account verification requirements.

Currently, state chartered credit unions have to do a full verification while federal charters do not.  Federally chartered credit unions are required to perform account verification once every two years, either by statistical sampling or by 100% verification.