Missouri Division of Credit Unions Files New FOM Rules with Secretary of State

JEFFERSON CITY, Mo. – Two months after the Missouri Credit Union Commission directed the state director of the Division of Credit Unions to draft a new field of membership expansion regulation, the Missouri Division of Credit Unions filed two new FOM rules and one amended rule with the Secretary of State. According to the Missouri Division of Credit Unions' June 22nd newsletter, the Credit Union Commission approved the rules at their meeting on May 15. Specifically: * 4 CSR 100-3.010 has been amended to re-define a well-defined local neighborhood, community, or rural district. The newsletter said the new definition "closely mirrors the definition for a federal credit union set by the NCUA." * 4 CSR 105-3.011 sets the new definition for the terms "Immediate Family" and "Household" for credit unions applying for a field of membership expansion. The definitions for the terms were previously in 4 CSR 105.3010. * 4 CSR 105-3.012 sets the definition for the terms "Underserved Community" and "Low Income Area" for credit unions seeing a FOM expansion into these types of areas. The definitions for the terms were also previously included in 4 CSR 105.3010. The rules will be printed in the Missouri Register on July 15, and a 30-day comment period from July 17-Aug. 16 will follow. Any party can comment during that time in support of or opposed to the rules. On April 17, in its first meeting following the Cole County Circuit Court's announcement of its decision to strike down the state's credit union field of membership expansion regulation, the state Credit Union Commission directed the state director of the Division of Credit Unions Sandra Branson to draft a new FOM regulation "substantially similar" to NCUA's FOM expansion rule for federal credit unions. In March, Cole County Circuit Court Judge Richard Callahan issued his decision that the state's credit union FOM expansion regulation was invalid. His decision directly affected the FOM expansions of five CUs and put on hold the expansions of another five as well. – egbarr06@bellsouth.net