JEFFERSON CITY, Mo. — Governor Matt Blunt has signed into law the much-fought Field of Membership bill climaxing years of bank/credit union clashing.
The bill, which takes effect Aug. 28, requires state CUs to follow new guidelines on geographic expansion.
"I think there are at least 10 who are not grandfathered and will now have to resubmit their applications and there are perhaps another 10 that have held up their applications not wanting to get sued," said Betty Clark, chairman of the Missouri Credit Union Association which struck a deal with the banking lobby to get the bill enacted and halt endless bank FOM litigation.
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