JEFFERSON CITY, Mo. -- The House approved the field of membership compromise bill hammered out over the last six months between banks and credit unions.

The next stop for Senate Bill 591 is the governor's desk; Missouri Governor Matt Blunt (R) is expected to sign the bill into law. The House vote was 152-0 with 11 absences.

"We appreciate the support of credit unions through this process and for those who provided guidance during the negotiation process," Missouri Credit Union Association Rosie Holub commented. "We're relieved and pleased that there were no amendments to the bill, and feel this piece of legislation helps us to move forward."

In 1998, the Missouri General Assembly passed a law permitting credit unions to expand their fields of membership, leaving implementation to the Credit Union Commission. A series of lawsuits by the Missouri Bankers Association go back to 2001, challenging the Commission's definition of field of membership, which a Cole County Circuit Court judge also disagreed with. This legislation establishes a definition of "geographic area" for field of membership purposes.