TOPEKA, Kan. — As expected, the Kansas House Friday passed, 115-8, without amendments the restrictive field of membership/merger bill covering future expansion of state chartered credit unions.
The Kansas Credit Union Association, which had been officially "neutral" on the bill but with board members expressing both disdain and discomfort for the measure, forecast Gov. Kathleen Sebelius "will sign the legislation into law" with some portions taking effect July 1 and the remainder barring further statewide branching on Jan. 1, 2009.
"With this legislative battle put behind us, Kansas credit unions can get back to doing what they do best–serving their members and Kansas consumers," said Marla Marsh, president/CEO in a statement. "Our industry can now wholly focus on their mission of 'people helping people,' a mission that is more important than ever as the economy continues to struggle."
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A sampling of Kansas CUs said this week they would be putting their attorneys to work over the coming weeks to consult with examiners in the Department of Banking over interpretations and definitions in the law to cover specific FOM applications based on county or population thresholds.
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