Missouri governor signs CU bill

JEFFERSON CITY, Mo. – Gov. Bob Holden signed into law July 3 a bill that staggers the terms of credit union commissioners and provides that not all credit union commissioners go off the commission at the same time. Effective March 21, 2005, the first three commissioners appointed to the seven-member commission, two of whom are credit union representatives, have a term expiring Jan. 1, 2007. The next two commissioners appointed, one of whom is a CU representative, will have a term expiring Jan. 1, 2009. The final two commissioners appointed, one of whom is a CU representative, and all subsequent commissioners, will serve a six-year term. Members of the commission are appointed by the governor. The law also allows the Division of Credit Unions, at the discretion of the director, to examine qualifying credit unions once every 18 calendar months instead of annually. SCS HB 1921 was introduced by state Rep. Timothy Green (D-73). It takes effect August 28.