Division Information
The original statute governing credit unions passed by the state
legislature in 1927. This enactment gave the secretary of state
chartering authority and required that all amendments to the bylaws be
approved by that office. Effective August 13, 1972, these powers were
transferred to the commissioner of finance.
The Omnibus State Reorganization Act of 1974 removed credit unions from the jurisdiction of the Division of Finance. On July 1, 1974, the Division of Credit Unions was created and all powers, duties and functions were transferred from the commissioner of finance to the director of the Division of Credit Unions. This agency is under the Department of Insurance, Financial Institutions, and Professional Registration and has a director who is nominated by the department director and appointed by the governor with the advice and consent of the Senate.
The Credit Union Commission was created in 1998. The commission determines appeals from certain decisions of the director of the Division of Credit Unions, approves or disapproves regulations proposed by the director of the Division of Credit Unions, and consults with and advises the director of the Division of Credit Unions on matters pertaining to the organization, operation and supervision of credit unions. The bipartisan commission is comprised of seven members; four must have certain credit union experience, two must be individuals not involved in the administration of a financial institution and one must be an attorney.
The Division of Credit Unions is the regulatory agency responsible for the examination, supervision, chartering, merger and liquidation of all state-chartered credit unions. The division also responds to consumer requests or complaints in regard to credit union services or operations.
This division is staffed by a director, deputy director, chief examiner, ten field examiners and three administrative personnel. Three examiners are located in Kansas City, four examiners in St. Louis and the remainder of the staff is located in Jefferson City. The entire cost of the agency is reimbursed to the state through fees and assessments paid by the credit unions.
The division is an accredited agency through the National Association of State Credit Union Supervisors. All member deposits are insured by the National Credit Union Administration, an agency of the federal government.
As of December 31, 2007, Missouri ranked eighth in the nation in the number of state-chartered credit unions. The Division of Credit Unions currently regulates 140 credit unions with assets exceeding $9.3 billion. There are approximately 1.2 million members of Missouri credit unions.
Division Staff
