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News Now

CU System
Missouri governor vetoes duplicate CU bill
JEFFERSON CITY, Mo. (7/7/11)--Missouri Gov. Jay Nixon vetoed a credit union bill in the state House that was nearly a duplicate of a bill in the state Senate, to avoid “ambiguity” (Missouri News Horizon July 5). Nixon vetoed House Bill 465, but signed Senate Bill 306 into law Tuesday. “The only difference in the two bills is the advice and consent of the Senate in the Senate bill for approval of the director of credit unions,” Peggy Nalls, senior vice president of public legislative affairs for the Missouri Credit Union Association (MCUA), told News Now. “There was no substantive change between the two bills; it was just that the House bill didn’t have that provision so [the state government] chose the Senate bill. “We supported it, and the state Credit Union Division supported it, so it was a relatively easy thing to do,” Nalls added. The bill was introduced to make clearer some language in the Credit Union Act, including:
* Clarification that the Credit Union Division is under the Department of Insurance and that the director is appointed by the governor; * Confidentiality of exam records; * Due process for removal of credit union directors and officers; * The lifting of the $25,000 limit for volunteer unsecured loans; * The removal of the outdated reserve transfer calculation; and * The allowance for electronic balloting in mergers and conversions (The Missouri difference July 5).
All provisions of the new language are effective Aug. 28, said MCUA. The Missouri Credit Union Division, in a communication to all Missouri state-chartered credit unions, said it will soon distribute guidance on how the bill will affect credit unions


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