Missouri CUs Face Closure
The task of protecting 10 small highway credit unions in Missouri from being ousted from state offices just got tougher even after lawmakers gave vigorous support to the industry cause late last month.
That's because the state's Department of Transportation dug in its heels once again to deny claims by the Missouri Credit Union Association that shuttering facilities in MODOT division offices represents an "unconscionable" act, impairing CU financial safety and soundness.
On the premise the closures would save staff expense and was unworkable in a changing financial structure, the 10 highway CUs in communities from Hannibal to St. Joseph remain under MODOT orders to shutter their offices in two years and to cut the 27 employees from the payroll by Sept. 30.
The Missouri league was hoping a unanimous vote by the Missouri House on April 26, adopting a resolution insisting the credit unions "should remain in MODOT facilities despite MODOT's intent to sever their ties," would sway the department heads in reversing their directive. The House measure may still win additional approval from the state Senate prior to the legislature's adjournment May 14.