JEFFERSON CITY, Mo. — Governor Matt Blunt has signed into law the much-fought Field of Membership bill climaxing years of bank/credit union clashing.
The bill, which takes effect Aug. 28, requires state CUs to follow new guidelines on geographic expansion.
"I think there are at least 10 who are not grandfathered and will now have to resubmit their applications and there are perhaps another 10 that have held up their applications not wanting to get sued," said Betty Clark, chairman of the Missouri Credit Union Association which struck a deal with the banking lobby to get the bill enacted and halt endless bank FOM litigation.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
