August 29, 2011
State-regulated credit unions in Missouri top $10 billion in assets for first time
Growing industry also subject to new state laws
Jefferson City, Mo. - Missouri credit unions regulated at the state level have reached a milestone in growth, surpassing $10 billion in assets for the first time. The Missouri Division of Credit Unions made the announcement regarding the 125 institutions it regulates, known as state-chartered credit unions.
A new state law signed by Gov. Jay Nixon took effect yesterday, providing the Division of Credit Unions with new tools to enhance regulation of the growing industry. Senate Bill 306, passed unanimously by the Missouri Senate and House, brings regulation of credit unions more in line with Missouri's banking regulations, including investigative power and removal of officers and employees for wrongdoing.
"With this new law, we are recognizing that regulation of credit unions plays an important role in Missouri's economy and needs to be more consistent with industry standards," said Ken Bonnot, director of the Missouri Division of Credit Unions. "This is good news for Missouri consumers because it's an indication of a healthy and growing industry that provides vital financial services for depositing, investing and borrowing money."
Missouri ranks eighth in the nation in the number of state-chartered credit unions. About 90 percent of credit unions in Missouri are state chartered. In addition to the 125 regulated by the Division of Credit Unions, 13 are federally chartered. State-chartered credit unions as of June 30 had $10.1 billion in assets, $8.7 billion in deposits and had a loan volume of $6 billion.
Consumers with questions or complaints - or credit unions with questions about the new law - can contact the Division of Credit Unions at 573-751-3419 or cu.mo.gov.