JEFFERSON CITY, Mo. -- Credit unions in Missouri have until Aug. 16 to comment on four proposed regulations published by the Missouri Division of Credit Unions concerning mergers and consolidations, geographic credit union expansions, definition of immediate family, and definition of underserved and low-income.
The proposed regulations are in response to the negative March 24th ruling by the Cole County Circuit Court that struck down the Missouri FOM regulation in its entirety.
According to Peggy Nalls, senior vice president of public/legislative affairs for the Missouri Credit Union Association, "The regulation struck down by the court included the definition of immediate family, low-income area and underserved area. The definitions were separated from the geographic expansion language because the definitions had not been challenged in the courts. The proposed regulation on mergers and consolidations is a new regulation to provide credit unions with more guidance on details and time frames for mergers and consolidations."
All four proposed regulations were published in the Missouri Register.