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Missouri regulator OKs first FOM app under new law
JEFFERSON CITY, Mo. (1/24/08)--The Missouri Division of Credit Unions has approved its first field-of-membership (FOM) expansion application since the state General Assembly passed a new FOM bill in 2007. The regulator approved an application Jan. 18 for Alliance CU in Fenton. The approval will allow the credit union to serve individuals who live or work in Jefferson County (CourierNet Jan. 23). Alliance’s application comes after the state passed a credit union FOM bill in August to allow state-chartered credit unions to expand geographically. “The Missouri Division of Credit Unions quickly and efficiently developed the necessary procedures to implement the new law,” said Rosie Holub, Missouri Credit Union Association president/CEO. “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,” Holub added. Jefferson County is underserved by credit unions, according to 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,” he said. The FOM bill is necessary to prevent state-chartered credit unions from converting to federal charters, said bill sponsor State Sen. Delbert Scott (R) during a hearing April 11. He estimated that the state would lose hundreds of thousands of dollars if state-chartered credit unions converted to a federal charter (News Now April 17).
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