January 05, 2011

Gov. Nixon nominates Kenneth J. Bonnot as Missouri's top credit union regulator

Jefferson City, Mo. - Gov. Jay Nixon on Jan. 4 appointed Kenneth J. Bonnot as director of the Missouri Division of Credit Unions. In this position, Bonnot will serve as the top regulator for Missouri's 129 state-chartered credit unions. The division protects consumers and credit union depositors by monitoring the solvency of the institutions, as well as overseeing the chartering, merger and liquidation of credit unions

Bonnot is a 15-year veteran of the Division of Credit Unions. He has served as the division's deputy director since 2005 and has served as acting director since June of 2009. The Division of Credit Unions is an agency of the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP).

"Ken Bonnot is a tough but fair regulator and the right choice to lead the Division of Credit Unions," Gov. Nixon said. "My number-one priority as Governor has always been and remains transforming Missouri's economy, and having healthy and well regulated financial institutions in our state is a key part of that transformation."

"Ken is the foremost expert on the regulation of Missouri's credit union industry," said DIFP Director John M. Huff. "Ken is committed to ensuring a competitive marketplace that stresses consumer protection while recognizing the need for a strong and healthy industry."

"It's been a privilege to serve Missourians through the regulation of the credit union industry for the past 15 years," said Bonnot. "Missouri's credit unions are financially strong, having weathered our challenging economy very well, and I have assured Gov. Nixon that our division will maintain our commitment to a healthy industry that best serves Missouri consumers."

Bonnot is a Jefferson City native. He has a bachelor's degree in business administration from the University of Missouri. He lives in Osage County, outside of Jefferson City, with his wife and two children.

The Governor appoints the director of Credit Unions with the advice and consent of the state Senate.