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. 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 deposits are insured up to $250,000 by the National Credit Union Share Insurance Fund, operated by the National Credit Union Administration, an agency of the federal government.
The Division of Credit Unions currently regulates 92 credit unions with assets exceeding $19.5 billion. As of June 30, 2021 Missouri ranked seventh in the nation in the number of state-chartered credit unions. There are approximately 1.56 million members of Missouri credit unions.
Credit Union Commission
The Credit Union Commission was created in 1998 to approve or disapprove regulations proposed by the director of credit unions, hear and determine appeals from an order or decision by the director relating to chartering, relocation, branching or membership and consult with the director on matters pertaining to organization, operation and supervision. This bipartisan commission is composed of seven members: one must be a lawyer; four must be credit union representatives; and two who are not involved in the administration of a financial institution.
The Mission of the Division of Credit Unions
Our vision is to foster an environment which ensures the availability of high quality financial products and services while preserving the integrity and safety of the credit union industry.
The Division of Credit Unions' mission is to effectively and efficiently supervise Missouri state chartered credit unions, to ensure compliance with applicable laws and safe and sound operations while remaining responsive to the changes in the economic, technological and political climates which may impact credit unions.
The mission will be accomplished by the following actions:
- Stimulate and contribute to an environment which allows credit unions to evolve and remain competitive;
- Ensure compliance with applicable laws which provide for fair and equitable treatment of all consumers;
- Encourage outstanding performance by division staff members by providing up to date equipment, training and education enhancement opportunities;
- Communicate to our customers our desire and willingness to offer a quality product;
- Develop an internal culture of quality which measures and promotes customer satisfaction;
- Encourage the education and fostering of financial awareness and responsibility among the members of Missouri credit unions.
These goals will be accomplished through focusing on our customers needs, facilitating open channels of communication and commitment to continuous improvement.