Missouri CU bill passes, on its way to becoming law

<p>JEFFERSON CITY, Mo. – A bill described by the Missouri Credit Union System as “key” because it staggers the terms of credit union commissioners following the terms of current commissioners and extends the exam cycle from annually to 18 months for some CUs, passed both chambers of the state legislature. The Missouri Senate passed SCS HB 1921 on May 3, and the state House of Representatives passed it on May 6 after State Rep. Tim Green (D-73) brought it to the House floor. The bill goes into effect Aug. 28. MCUS Senior Vice President of Public/Legislative Affairs Peggy Nalls said the passage of the bill brings positive changes for credit unions. MCUS plans to work on the regulations this summer to put the statute into effect.</p>