JEFFERSON CITY, Mo. — Breaking a two-year-old, banker-induced logjam on field of membership expansion, the Missouri Division of Credit Unions approved this month its first FOM application since a new FOM law went into effect last August.
Winning FOM state regulatory authority for its FOM application is the $124 milion Alliance CU of Fenton which won the right to expand into all of Jefferson County. Alliance is headquartered in adjacent St. Louis County.
"Compared to St. Louis or even St. Charles County, Jefferson County is significantly underserved by credit unions," said Alliance President/CEO Dennis Sommer. "We can now move forward with our expansion plans reaching out to potential members located in northern Jefferson County near our Fenton headquarters. We are excited about this new opportunity."
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The Missouri Credit Union Association also applauded the Alliance approval as a breakthrough in allowing more CUs to expand following several years of contention and court fights with the banking lobby climaxing in the compromise FOM law enacted in April and made effective last August.
"The Missouri Division of Credit Unions quickly and efficiently developed the necessary procedures to implement the new law," points out Holub. "The statute clarified procedural requirements and we applaud the Division's diligence in developing procedures that take unnecessary burden off credit unions. Missouri credit unions can now get back to the business of serving members and reaching out to provide credit union service to the state's consumers."
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