Missouri CU Commission approves five FOM expansion requests

JEFFERSON CITY, Mo. - The seven-person state Credit Union Commission met June 30 by conference call and approved field-of-membership expansion requests for five credit unions. Approved for FOM expansion were applications from Spirit of St. Louis CU (to add St. Louis City, St. Louis County and St. Charles County); Missouri National Guard CU (to add Moniteau, Callaway, Osage and Cole counties); Alliance CU (to add St. Charles and St. Louis counties); First Community CU (to add St. Louis, St. Charles and Jefferson counties, as well as some zip codes); St. Louis Postal CU (to add various zip codes and well as an expanded definition of immediate family.) All of the populations included in each of the FOM applications exceeds the 3,000 limit, as defined in the state's credit union law. However, the commission has the authority to waive that limit. John Smith, director of the commission said, "the 3,000 limit is merely a threshold to determine whether a new credit union should be formed. The law allows that when there is no group to form a new credit union, the commission can approve the application and send it to the director." Smith will publish notice of the application approvals in the August edition of the Missouri Register. After that it will go through a 10-day comment period before Smith reaches his decision.