JEFFERSON CITY, Mo. — Missouri appears headed for enactment of a compromise field of membership law that puts limits on branch expansion beyond contiguous counties, but also is expected to end years of litigation in state courts.
In the most recent legislative developments, the state Senate overwhelmingly adopted the much-amended FOM bill, which is slated to go before the House Financial Institutions Committee later this month.
For more than six months and under pressure from state lawmakers to come up with a compromise, the credit union and banking lobbies have been engaged in extensive negotiations over language in the FOM bill and definitions over "geographic areas" of CU expansion.
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