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New FOM Compliance in Kansas

TOPEKA, Kan. -- The first application forms for branches and mergers under the state's new field of membership law were distributed last week as Kansas CUs began complying with the restrictive legislation which went into effect July 1.

By Jim Rubenstein | Updated on July 08, 2008

TOPEKA, Kan. — The first application forms for branches and mergers under the state’s new field of membership law were distributed last week as Kansas CUs began complying with the restrictive legislation which went into effect July 1.

“Things seem to be working OK,” said John Smith, administrator of the Kansas Department of Credit Unions in assessing various thresholds under complicated FOM formulas governing population and county limits.

For weeks, examiners have been meeting with representatives of the nine CUs unions most affected by the change as they reconfigure their FOMs under the statute, which was enacted in April.

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