reglab/statecodes huggingface dataset:
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.085 - Credit Union Service Organization (CUSO)

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule outlines certain procedures and
				  practices a credit union is to follow when investing in or lending to a credit
				  union service organization.
(1) Definition. A credit union service
				organization (CUSO) is a legal entity established by or funded by one (1) or
				more credit unions (with or without participation of other parties) to meet the
				needs of its member credit union(s) by providing services and performing
				activities that are associated with credit union operations.
(2) Structure. A credit union can invest in a
				CUSO, only if the CUSO is structured as a corporation, a limited liability
				company, or a limited partnership with the credit union participating as a
				limited partner
.
The credit union must obtain legal advice as
				to whether the organization and operation of the CUSO is in a manner that meets
				the goal of limited liability. In general, the corporate form must be
				adequately capitalized and operated as a separate entity. The limited
				partnership form must not engage in activities that would cause the limited
				partnership to be treated as a general partnership. For purposes of this rule,
				"corporation" means a legally incorporated corporation as established and
				maintained under relevant state or federal law.
(3) Funding. No single credit union's
				investment (s) in and/or loan(s) to any or all CUSO (s) shall exceed in the
				aggregate twenty-five percent (25%) of the credit union's net capital (reserves
				and undivided earnings), unless prior approval is obtained from the director of
				the Division of Credit Unions.
(4)
				Permissible Services and Activities. A credit union can invest in and/or lend
				to a CUSO, only if the CUSO complies with all applicable laws and limits its
				services and activities to the following general categories of services or
				activities:
(A) Checking and currency
				services;
(B) Clerical,
				professional, and management services;
(C) Loan origination;
(D) Electronic transaction
				services;
(E) Financial counseling
				services;
(F) Fixed asset
				services;
(G) Insurance brokerage
				or agency;
(H) Leasing;
(I) Loan support services;
(J) Record retention, security, and disaster
				recovery services;
(K) Securities
				brokerage services;
(L) Shared
				credit union branch (service center) operations;
(M) Travel agency services;
(N) Trust and trust-related
				services;
(O) Real estate brokerage
				services; or
(P) Other services or
				activities approved by the director of the Division of Credit Unions.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.090 - Unlocatable Members: Small Share Balances: How to Handle

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule gives the procedures for handling
				  inactive accounts of unlocatable members (see sections 370.260.2. and 370.340,
				  RSMo, for statutory requirements on expelling or withdrawing member
				  accounts).
(1) Where a member
				of a credit union cannot be located, and when no contact has been had with the
				member, and when the member has a small share balance with the credit union,
				even though the credit union may elect to group the small balances in a single
				account for bookkeeping purposes, as long as the credit union has not expelled
				that member pursuant to the provisions of section
				370.340,
				RSMo, the shares remain the property of the member and dividends are to be
				credited to the account.
(2) When
				nonlocatable members are expelled pursuant to state law, share balances in
				those members' accounts shall be transferred to an unlocatable member accounts
				payable account and no further dividend shall be credited to these accounts;
				however, a record shall be maintained in the event the member later makes a
				claim upon the credit union for the member's share balance, which shall be paid
				to the member. All credit unions are required to file an annual report and
				remit all unclaimed property to Missouri per Chapter 470, RSMo.
(3) If the total of unlocated member shares
				exceeds ten percent (10%) of the regular reserve fund, the financial statement
				will be footnoted to show the entire amount of unlo-cated shares as a potential
				liability.
(4) When unlocated
				member share accounts exist and they are grouped together into a single account
				for bookkeeping purposes, this account should be labeled Unlocatable Member
				Shares and it should be listed separately on the monthly financial statement,
				but combined with the regular share accounts on the annual report; and this
				account shall be credited with dividends each dividend period.
(5) Attempts to locate members carried as
				unlocatable pursuant to this rule may be made by using a locator service under
				the provision of section 370.260.2., RSMo.
*Original authority: 370.100, RSMo 1939, amended 1945,
					 1945, 1949, 1959, 1967, 1972.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.100 - Audits in Lieu of Examination: Procedure

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes the requirements to be
				  met before a credit union may have an audit in place of the regular examination
				  by the division (see section 370.120.3., RSMo, for statutory
				  provisions).
(1) The reports
				of an auditor who has audited a credit union may be accepted by the director in
				lieu of an examination by the Division of Credit Unions if the auditor has been
				approved by the director for the audit on the basis of a written application
				from the credit union for the acceptance of the audit in lieu of examination.
				Further, the director, in approving the performance of the audit, may require
				the submission of various classes of data, delineated by the director, to be
				reported in the manner and upon forms as required by the director.
*Original authority: 370.100, RSMo 1939, amended 1945,
					 1945, 1949, 1959, 1967, 1972.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.120 - Credit Union Investments: Savings and Loan Associations and Savings Banks

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes the requirements a
				  credit union must meet when investing in federal and state-chartered savings
				  and loan associations and saving banks (see section
				  370.075(4),
				   RSMo for statutory
				  provisions).
(1) With the
				statutory limitation of twenty-five percent (25%) of a credit union's capital,
				surplus and reserve funds, credit unions may invest in accounts of federally
				insured savings and loan associations and savings banks. Attention is called to
				the fact that where the investment in any one (1) savings and loan association
				or savings bank exceeds one hundred thousand dollars ($100,000), all funds in
				excess of one hundred thousand dollars ($100,000) are uninsured funds.
				Subsidiary ledgers shall be maintained to detail multiple investment
				transactions.
*Original authority: 370.100, RSMo 1939, amended 1945,
					 1945, 1949, 1959, 1967, 1972.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.130 - Credit Union Investments: United States Government Securities and Obligations

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule lists those United States
				  government securities and obligations that are acceptable investments for
				  credit unions (see section
				  370.075(1),
				   RSMo for statutory
				  requirements).
(1) The
				following list of securities and obligations of the federal government of the
				United States of America is approved for investment by Missouri credit unions:
				United States Savings and Treasury Bonds acquired by a direct purchase, Federal
				Intermediate Credit Bank Debentures, Federal Home Loan Bank Notes, Federal Home
				Loan Bank Board Debentures, Federal Land Bank Bonds, Federal National Mortgage
				Association, and Government National Mortgage Association.
(2) In addition, any state-chartered credit
				union may invest in any instrument that is acceptable for a federal credit
				union to invest in under federal rules and regulations.
(3) The listed investments are considered
				safe for all credit unions without regard to their size or management ability.
(A) Further, credit unions are cautioned to
				take adequate time and thought before investing in long-term, nonredemptiontype
				securities.
(B) Subsidiary ledgers
				shall be maintained to detail multiple investment transactions.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.135 - Credit Union Investments: Other

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule lists those additional securities
				  that are acceptable investments for credit unions (see section
				  370.075(1),
				   RSMo for statutory
				  requirements).
(1) The
				following securities are approved for investment of Missouri credit unions:
				bankers' acceptances and federal funds of insured domestic banks. No investment
				in any such single institution or corporation shall exceed five percent (5%) of
				the credit union's shares, surplus and reserve fund, nor shall the previously
				mentioned investments exceed in the aggregate twenty-five percent (25%) of the
				credit union's shares, surplus and reserve fund.
(2) Other securities, with the approval of
				the director of the Division of Credit Unions, as may be permissible for
				investment by federally chartered credit unions.
(3) Recognizing the increasing complexity and
				importance of safe and sound investment decisions by credit unions, investment
				policy is singled out for special attention. Each credit union will maintain
				written investment policies. The investment policies will be as detailed as is
				applicable to adequately address the degree of the individual credit union's
				investment strategy and practice and to be in conformity with overall funds
				management policy.
(4) Missouri
				credit unions may invest in Collateralized Mortgage Obligations (CMOs) rated at
				least AA or better by a nationally recognized rating firm. Should the rating of
				the instrument fall below the AA rating, the credit union will mark the
				investment to market and should divest itself of the security as soon as
				possible. The board of directors is responsible for determining the
				permissibility of an investment which should be supported by legal opinion from
				an independent source. In the aggregate, investments in CMOs shall not exceed
				twice the amount of unimpaired equity of a credit union (regular reserves,
				undivided earnings and unencumbered reserves). A credit union may request in
				writing an exemption from the director for the aggregate limit.
(5) In addition, any state-chartered credit
				union may invest in any instrument that is acceptable for a federal credit
				union to invest in under federal rules and regulations.
*Original authority: 370.075(7), RSMo 1965, amended 1975,
					 1982, 1988.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.160 - Call Reports

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes requirements for
				  submitting call reports to the Division of Credit Unions.
(1) State-chartered credit unions shall
				submit call reports and supplemental information to the Division of Credit
				Unions as prescribed by the director, as often as four (4) times a year, but no
				more often than a credit union is required to file a call report with the
				National Credit Union Administration.
*Original authority: 370.100, RSMo 1939, amended 1945,
					 1945, 1949, 1959, 1967, 1972.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.170 - Audit by Supervisory Committee

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes the basis of required
				  audits by or for the supervisory committee, lines of authority and
				  responsibility, and penalties for noncompliance with section
				  370.230,
				  RSMo.
(1) The annual audit
				required by section
				370.230,
				RSMo, shall be performed by the supervisory committee or by contract with an
				audit firm acceptable to the Division of Credit Unions within the budget set by
				the board of directors.
(2) A copy
				of the annual audit required to be performed under section
				370.230,
				RSMo, shall be submitted to the director of the Division of Credit Unions
				within thirty (30) days of the completion.
(3) Failure of the supervisory committee to
				make or cause to be made acceptable examinations and the annual audit as
				required in section
				370.230,
				RSMo, may result in the director of the Division of Credit Unions requiring an
				outside independent audit of the books and records of the credit union. The
				cost of such audit shall be paid by the credit union.
*Original authority: 370.100, RSMo 1939, amended 1945,
					 1945, 1949, 1959, 1967, 1972.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.185

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 370.075, RSMo 1965, amended 1975,
					 1982, 1988; 370.100, RSMo 1939, amended 1945, 1945, 1949, 1959, 1967,
					 1972.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.190 - Special Shares and Thrift Accounts

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule defines special share and thrift
				  accounts. It also sets up the procedures and guidelines to follow when
				  establishing special share and thrift accounts (see section
				  370.070(1) and
				  (9), RSMo for the statutory
				  requirements).
(1) A special
				share shall be issued only to members of the credit union. The terms and
				conditions under which any class of special shares is issued shall be passed on
				by the board of directors. Special shares will not be superior in rank to or
				have the right to prior payment over general shares or other classes of special
				shares.
(2) A thrift account shall
				be available only to nonmembers of the credit union. The terms and conditions
				under which any type thrift account is to be authorized shall be passed upon by
				the board of directors. Thrift accounts which are not insured by the National
				Credit Union Share Insurance Fund (NCUSIF) will be inferior in rank to and will
				not have the right to prior payment over general or special shares.
*Original authority: 370.100, RSMo 1939, amended 1945,
					 1945, 1949, 1959, 1967, 1972 and 370.350, RSMo 1939, amended 1945, 1972, 1985,
					 1993, 1995.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.205 - Deposit and Securing of Public Funds

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule allows credit unions to accept
				  public funds for deposit (see sections
				  148.660,
				  370.070,
				  370.071
				  and 370.400 RSMo).
(1) All
				state-chartered credit unions shall have the power to receive deposits from an
				officer, employee or agent of nonmember units of federal, Indian tribal, state,
				local governments and political subdivisions, subject to the terms, rates and
				conditions as may be established by the board of directors.
(2) No credit union may pledge its assets to
				secure or collateralize deposits other than deposits or public funds held by a
				political subdivision. The only assets allowed to be pledged in this instance
				will be those that have or are currently deemed to be eligible to be pledged by
				the Missouri state treasurer.
*Original authority: 30.270, RSMo 1939, amended 1945, 1945,
					 1957, 1959, 1965, 1969, 1973, 1975, 1979, 1983, 1987, 1988, 1993, 1998, 2003,
					 2005; 110.060, RSMo 1939, amended 1953; 362.190, RSMo 1939; 362.490, RSMo 1939;
					 370.070, RSMo 1939, amended 1945, 1949, 1951, 1965, 1967, 1972, 1984, 1986,
					 1994; 370.071, RSMo 1977, amended 1978, 1986, 1991, 2007; and 370.400, RSMo
					 2004.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.220 - External Deposits

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule limits the possibility of several
				  types of unsafe and unsound uses of deposits from external
				  sources.
(1) For purposes of
				this rule only the following definitions shall apply:
(A) Nonmember shall mean any natural person
				or legal entity, whether or not eligible for membership, not belonging to the
				credit union into which a deposit is being made; and
(B) Nonnatural person shall mean any legal
				entity such as a governmental unit, corporation, credit union, association or
				other similar entity other than a natural person.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.230 - Security Program, Report of Crime and Catastrophic Act and Bank Secrecy Act Compliance: Federal Insurance Requirements

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule is to serve as a reminder of the
				  requirement for all federally-insured credit unions regarding the areas noted
				  in the title of this rule.
(1) As a result of being federally insured,
				all Missouri state-chartered credit unions are required to follow the
				requirements in Part 748 of the National Credit Union Administration's Rules
				and Regulations which cover a credit union's security program, report of crimes
				and catastrophic acts and Bank Secrecy Act compliance.
(2) Part 741 of the National Credit Union
				Administration's Rules and Regulations details the federal rules and
				regulations that also apply to all state-chartered, federally-insured credit
				unions.
*Original authority: 370.362, RSMo
					 1991.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.240 - Rules of Procedure

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes procedures for the
				  hearings required by sections 370.157-370.165, RSMo, that establish procedures
				  for the removal or suspension of officers and directors of credit
				  unions.
(1) Definitions. As
				used in these rules, except as otherwise required by the context-
(A) Director shall mean the director of the
				Division of Credit Unions;
(B)
				Hearing officer shall mean the director or such other person designated by the
				director to conduct hearings; and
(C) Respondent shall mean the officer,
				director, or other person against whom the director proposes to take the action
				authorized by sections 370.157-370.165, RSMo.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 3 - Federal Insurance of Credit Union Member Accounts › Section 20 CSR 1100-3.005 - Insurance of Credit Union Member Accounts

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule acknowledges the statutory
				  requirement for federal deposit insurance on all credit union member
				  accounts.
(1) Every credit
				union shall obtain and maintain deposit insurance from the National Credit
				Union Share Insurance Fund (NCUSIF).
(2) All applications for insurance are to be
				submitted to the Division of Credit Unions for review and transmittal to the
				appropriate insurer.
*Original authority 1939, amended 1945, 1945, 1949, 1959,
					 1967 and 1972.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 4 - Sale of Insurance by a Credit Union › Section 20 CSR 1100-4.005 - Automated Teller Network Interchanges

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: On July 13, 1983 the Board of Governors of
				  the Federal Reserve System announced its approval of a joint venture which
				  would operate, in Missouri, a communications network processing service and
				  switching system for electronic funds transfer and information exchange among
				  credit unions. The network would provide a connecting link between automatic
				  teller machines owned or leased by participating credit unions. Although no
				  Missouri court has ruled on the legality of a network linking the automatic
				  teller machines of two or more credit unions, it is the attorney general's
				  opinion that an automatic teller machine network does not violate state law.
				  This rule authorizes state credit unions to provide an interpretation of the
				  law governing automatic teller machine networks and to establish guidelines for
				  use of automatic teller machines at locations other than credit union premises.
				  The following conditions prevail.
(1) A credit union may use an automatic
				teller machine (ATM) network exchange in connection with its own ATMs and point
				of sale owned or leased by the credit union or others provided.
(2) Ten (10) days' prior notice shall be
				given to the director of the Division of Credit Unions identifying the ATM
				interchange and participating instructions, stating the projected data of
				linkage and transmitting a copy of the agreement between the credit union and
				the interchange.
(3) The ATM
				network interchange located in Missouri can be used to access accounts located
				in this state or any other state.
(4) Federal Reserve Board Regulation E
				establishes the basic rights, liabilities and responsibilities of consumers who
				use ATMs and of financial institutions that offer these services.
The secretary of state has determined that the publication
					 of this rule in its entirety would be unduly cumbersome or expensive. The
					 entire text of the material referenced has been filed with the secretary of
					 state. This material may be found at the Office of the Secretary of State or at
					 the headquarters of the agency and is available to any interested person at a
					 cost established by state law.
*Original authority: 370.070(10), RSMo 1939, amended 1945,
					 1949, 1951, 1965, 1967, 1972, 1984 and
					 1986.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 4 - Sale of Insurance by a Credit Union › Section 20 CSR 1100-4.010 - Fiduciary Responsibility

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule 1) prevents a conflict of interest
				  for any officer, director, committee member or employee of a credit union by
				  prohibiting them from benefiting personally from the sale of insurance or other
				  services which could lead to a breach of their fiduciary duty to the credit
				  union and its members and 2) assures that compensation will be added to the
				  credit union's income rather than be paid directly to and retained by any
				  officer, director, committee member or employee of the credit
				  union.
(1) To avoid incidence
				of conflict of interest or violation of fiduciary responsibility to the
				membership, any person acting on behalf of the credit union shall pay to the
				credit union, all commissions, fees, bonuses, reimbursements or other
				considerations received from any source other than the credit union by reason
				of his/her relationship with the credit union.
(2) Reimbursements shall be accounted for as
				other income or reserve for expense adjustment pending final allocation to
				related expense categories.
*Original authority: 370.100, RSMo 1939, amended, 1945(2),
					 1949, 1959, 1967 and 1972.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1105 - Credit Union Commission › Chapter 1 - Organization and Description › Section 20 CSR 1105-1.010 - General Organization

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The purpose of this rule is to comply with
				  section
				  536.023,
				  RSMo Supp. 1998, which requires each agency to adopt as a rule a description of
				  its operation and the manner in which the public may obtain information or make
				  submissions or requests.
(1)
				The Credit Union Commission determines appeals from certain decisions of the
				director of the Division of Credit Unions, provides the director of the
				Division of Credit Unions advice on matters pertaining to the organization,
				operation, and supervision of credit unions and approves or disapproves each
				regulation proposed by the director of the Division of Credit Unions.
(2) The Credit Union Commission is a
				bipartisan commission consisting of seven (7) individuals appointed by the
				governor with the advice and consent of the senate. Four (4) of the commission
				members are required to have certain credit union experience, two
(2) must be individuals that are not involved
				in the administration of a financial institution, and one (1) of the seven (7)
				members must be an attorney.
(3)
				The Credit Union Commission meets to hear appeals from certain decisions of the
				director of the Division of Credit Unions pertaining to the chartering,
				relocation, branching, or membership of credit unions.
(4) The public may make comments or obtain
				information concerning the commission by writing to the Credit Union
				Commission, P.O. Box 1607, Jefferson City, MO 65102.
*Original authority: 536.023, RSMo 1975, amended 1976,
					 1997.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1105 - Credit Union Commission › Chapter 2 - Hearings › Section 20 CSR 1105-2.010 - Rules of Procedure

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The Credit Union Commission was established
				  to approve or disapprove each regulation proposed by the director of the
				  Division of Credit Unions; to hear and determine any appeal from an order or
				  decision of the director of the Division of Credit Unions pertaining to the
				  chartering, relocation, branching or membership of credit unions; and to
				  consult with and advise the director on matters pertaining to the organization,
				  operation and supervision of credit unions. This rule establishes certain rules
				  of procedure that the Credit Union Commission will follow.
(1) Definitions. As used in these rules,
				except as otherwise required by the context-
(A) Director shall mean the director of the
				Division of Credit Unions;
(B)
				Commission shall mean the Credit Union Commission;
(C) Presiding officer shall mean the chairman
				who is the presiding officer of the Credit Union Commission or any other member
				of the commission designated by the presiding officer to assume those
				duties;
(D) Appellants shall mean
				persons or entities who are appealing a decision of the director of the
				Division of Credit Unions;
(E)
				Person shall include either the singular or plural of any individual, credit
				union, partnership, corporation or any other legal entity (section
				370.140(5));
(F) Secretary shall mean that commission
				member chosen by the commission; and
(G) Intervenors shall mean persons allowed by
				law to intervene.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1105 - Credit Union Commission › Chapter 3 - Credit Union Membership and Chartering › Section 20 CSR 1105-3.010 - Definitions

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule defines several terms that are
				  used in Missouri credit union law, Chapter 370, RSMo, in the manner that they
				  will be used by the Credit Union Commission and the Division of Credit Unions
				  when implementing Chapter 370, RSMo.
(1) "Well defined local neighborhood,
				community or rural district" is defined as a city, township, county, telephone
				area code, zip code, or other geographical areas with clearly defined
				boundaries, and/or an area which includes persons who have common
				interests.
(2) "Immediate family"
				is defined as spouse, child, sibling, parent, grandparent, grandchild, aunt,
				uncle, niece, nephew, first cousin or legal guardian and includes step, in-law,
				and legally adoptive relationships.
(3) "Household" is defined as persons living
				in the same residence who maintain a single economic unit. Included in this
				definition is any person who is a member of and participates in the maintenance
				of the household.
(4) "Underserved
				community" is defined as a local neighborhood, community or rural district that
				has insufficient access to credit union services.
(5) "Low income area" is defined as an area
				with a majority of residents who make less than eighty percent (80%) of the
				average for all wage earners as established by the Bureau of Labor Statistics
				or have annual household income at or below eighty (80%) percent of the median
				household income for the nation as established by the Census Bureau.
*Original authority: 370.063, RSMo 1998; 370.080, RSMo
					 1939, amended 1984, 1985, 1991, 1998; 370.081, RSMo
					 1998.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1105 - Credit Union Commission › Chapter 3 - Credit Union Membership and Chartering › Section 20 CSR 1105-3.011 - Definitions-Immediate Family and Household

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule defines terms that are used in
				  Missouri credit union law, Chapter 370, RSMo, in the manner that they will be
				  used by the Credit Union Commission and the Division of Credit Unions when
				  implementing Chapter 370, RSMo.
(1) "Immediate family" is defined as spouse,
				child, sibling, parent, grandparent, grandchild, aunt, uncle, niece, nephew,
				first cousin, or legal guardian and includes step, in-law, and legally adoptive
				relationships.
(2) "Household" is
				defined as persons living in the same residence who maintain a single economic
				unit. Included in this definition is any person who is a member of and
				participates in the maintenance of the household.
*Original authority: 370.062, RSMo 1998; 370.063, RSMo
					 1998; and 370.080, RSMo 1939, amended 1984, 1985, 1991, 1998,
					 2007.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1105 - Credit Union Commission › Chapter 3 - Credit Union Membership and Chartering › Section 20 CSR 1105-3.012 - Definition-Low-Income or Underserved Community

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule defines terms that are used in
				  Missouri credit union law, Chapter 370, RSMo, in the manner that it will be
				  used by the Credit Union Commission and the Division of Credit Unions when
				  implementing Chapter 370, RSMo.
(1) A low-income or underserved community is
				an area that is any of the following:
(A)
				That wholly consists of or is wholly located within an empowerment zone or
				enterprise community designated under section 1391 of the
Internal
				Revenue Code
(
				26 U.S.C.
				1391 );
(B) Where the percentage of the population
				living in poverty is at least twenty percent (20%);
(C) In a metropolitan area where the median
				family income is at or below eighty percent (80%) of the metropolitan area
				median family income or the national metropolitan area median family income,
				whichever is greater;
(D) An area
				outside of a metropolitan area, where the median family income is at or below
				eighty percent (80%) of the statewide non-metropolitan area median family
				income or the national non-metropolitan area median family income, whichever is
				greater;
(E) An area where the
				unemployment rate is at least one hundred fifty percent (150%) of the national
				average; or
(F) An area meeting the
				criteria for economic distress that may be established by the Community
				Development Financial Institutions Fund of the United States Department of the
				Treasury.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1105 - Credit Union Commission › Chapter 3 - Credit Union Membership and Chartering › Section 20 CSR 1105-3.020 - Criteria for Additional Membership Groups

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule sets forth the criteria the
				  director of the Division of Credit Unions will apply in determining whether or
				  not one or more additional groups may be included in the membership of an
				  existing credit union.
(1)
				The director will approve the addition of groups to a credit union's field of
				membership, if the director determines in writing that the following criteria
				are met:
(A) The credit union is operating in
				a safe and sound manner and is making satisfactory progress in addressing any
				adverse conditions, including but not limited to areas of concern identified in
				the most recent supervisory examination report, or other regulatory concerns
				that may exist;
(B) The credit
				union is "adequately capitalized." The commission defines adequately
				capitalized, exclusively for the purpose of adding new membership groups, to
				mean that the credit union has a net capital ratio of not less than seven
				percent (7%). The director may determine that a net capital ratio of less than
				seven percent (7%) is adequate if the credit union is making reasonable
				progress toward meeting the seven percent (7%) net capital
				requirement;
(C) The credit union
				has the administrative capability and the financial resources to serve the
				proposed group; and
(D) The
				formation of a separate credit union by such group is not practical and
				consistent with reasonable standards for the safe and sound operation of a
				credit union.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1105 - Credit Union Commission › Chapter 3 - Credit Union Membership and Chartering › Section 20 CSR 1105-3.030 - Economic Advisability

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule sets forth criteria the Credit
				  Union Commission has determined to be important for the likelihood of success
				  in establishing and maintaining a new credit union.
(1) Before approving a charter application
				for a new credit union the director of the Division of Credit Unions must be
				satisfied that the credit union will be viable and that it will provide needed
				services to its members. Economic advisability, which is a determination that a
				potential charter will have a reasonable opportunity to succeed, is essential
				in order to qualify for a credit union charter.
(2) The Division of Credit Unions will
				conduct an investigation of each charter application to ensure that the
				proposed credit union can be successful. This investigation will include an
				evaluation of-
(A) The character and fitness
				of proposed management;
(B) The
				degree of membership support; and
(C) The adequacy of the proposed credit
				union's business plan.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1105 - Credit Union Commission › Chapter 3 - Credit Union Membership and Chartering › Section 20 CSR 1105-3.040 - Exemptions from Limitations on Groups

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule sets forth the criteria the Credit
				  Union Commission may consider when determining whether or not to approve a
				  request for an exemption from the limitations on groups, established pursuant
				  to 370.081, RSMo.
(1) A
				credit union desiring to make an application to expand its field of membership
				pursuant to 370.081, RSMo by adding a group with more than three thousand
				(3,000) members must request approval from the commission prior to submitting
				an application to the director. The request should be submitted on the form
				approved by the commission. The request should also include proof in the form
				of documentation or otherwise that is sufficient to show the group satisfies
				one of the three (3) exceptions listed in 370.081.2(1)(a)-(c), RSMo. This proof
				can include but is not limited to the following:
(A) Lack of volunteers or other resources.
1. Documentation in the form of letters from
				the group desiring credit union membership indicating the lack of volunteer
				support.
2. Letters, surveys or
				petitions indicating that no group has shown an interest in starting a credit
				union that would encompass the group desiring to join the credit
				union;
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1135 - State Banking Board › Chapter 1 - Organization and Description › Section 20 CSR 1135-1.010 - General Organization

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The purpose of this rule is to comply with
				  section
				  536.023,
				  RSMo (1986) which requires each agency to adopt as a rule a description of its
				  operation and the methods where the public may obtain information or make
				  submissions or requests.
(1)
				The State Banking Board determines appeals from certain decisions of the
				commissioner of finance, provides advice on banking matters to the Division of
				Finance and approves regulations promulgated by the commissioner of
				finance.
(2) The State Banking
				Board is a bipartisan board consisting of five (5) nonsalaried individuals
				appointed by the governor with the advice and consent of the senate. Two (2) of
				the board members are required to be bankers, two (2) must be nonbankers and
				one (1) of the five (5) board members must be an attorney.
(3) The bank board meets to hear appeals from
				certain decisions of the commissioner of finance. The board considers appeals
				of the commissioner's decisions about certificates of incorporation for new
				banks and trust companies, relocations of banks and trust companies to other
				communities and bank facilities.
(4) Information relating to the activities of
				the State Banking Board may be directed to the secretary of the State Banking
				Board, 301 West High Street, P.O. Box 716, Jefferson City, MO 65102.
*Original authority: 536.023, RSMo 1975, 1976,
					 1997.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1135 - State Banking Board › Chapter 2 - Hearings › Section 20 CSR 1135-2.010 - Rules of Procedure

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The State Banking Board was established to
				  hear appeals from certain decisions of the commissioner of finance. In order to
				  facilitate these appeals, the board is authorized to issue rules of procedure
				  governing the manner in which those hearings shall be called, the taking of
				  evidence, oral and written argument and the making of
				  decisions.
(1) Definitions.
				As used in these rules, except as otherwise required by the context-
(A) Commissioner shall mean the commissioner
				of finance;
(B) Board shall mean
				the State Banking Board;
(C)
				Presiding officer shall mean the presiding officer of the State Banking Board
				or any other member of the board designated by the presiding officer to assume
				those duties;
(D) Appellants shall
				mean persons who are appealing a decision of the commissioner of finance;
				and
(E) Intervenors shall mean
				persons allowed by law to intervene.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.020

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 361.105, RSMo 1967 and 362.105.3, RSMo
					 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986, 1990, 1991,
					 1992.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.030

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 361.105, RSMo 1967; 362.105.3, RSMo
					 1939 amended 1949, 1963, 1965, 1967, 1977, 1983, 1986, 1990, 1991, 1992; and
					 362.170, RSMo 1939, amended 1941, 1943, 1945, 1959, 1963, 1967, 1977, 1981,
					 1983, 1985, 1986, 1989.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.035

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 362.105.3, RSMo 1939, amended 1949,
					 1963, 1965, 1967, 1977, 1983, 1986, 1990, 1991,
					 1992.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.040

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 361.105, RSMo 1967; and 362.170, RSMo
					 1939, amended 1941, 1943, 1945, 1959, 1963, 1967, 1977, 1981, 1983, 1985, 1986,
					 1989.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.050 - Disposition of Credit Insurance Income

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The practice in state-chartered banks where
				  persons or entities other than the bank receive compensation for the sale of
				  credit life or credit accident and health insurance can be an unsafe and
				  unsound banking practice in that it tends to erode the fiduciary relationship
				  between that person or entity and the bank, encourages the making of loans
				  which are imprudent and may lead to undue pressuring of borrowers to purchase
				  insurance. This rule assures that the bank receives the benefit from the sale
				  of credit life or credit accident and health insurance to loan
				  customers.
(1) Definitions.
(A) Bank means a state-chartered bank or
				trust company.
(B) Interest shall
				include:
1. Ownership through a spouse or
				minor child(ren);
2. Ownership
				through a broker, nominee or agent; or
3. Ownership through a corporation,
				partnership, association, joint venture or proprietorship controlled by a
				director, officer, employee or principal shareholder of the bank.
(C) Principal shareholder means
				any share holder who, directly or indirectly, owns or controls an interest of
				more than five percent (5%) in the bank's outstanding shares.
(D) The terms officer, director, employee and
				principal shareholder shall include the spouse and minor child(ren) of that
				officer, director, employee or principal shareholder.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.053

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 361.105, RSMo 1967 and 408.052, RSMo
					 1974, amended 1979, 1989.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.060

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 361.105, RSMo 1967; 362.105, RSMo
					 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986, 1990, 1991, 1992, 1995;
					 and 362.170, RSMo 1941, amended 1943, 1945, 1959, 1963, 1967, 1977, 1981, 1983,
					 1985, 1989, 1993, 1994, 1995.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.067

Current through Register Vol. 49, No. 14, July 15, 2024
*Original authority: 361.105, RSMo 1967, amended 1993,
					 1994, 1995 and 362.105.1, RSMo 1939, amended 1949, 1963, 1965, 1967, 1977,
					 1983, 1986, 1990, 1991, 1992, 1995, 2000,
					 2001.
Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 2 - Banks and Trust Companies › Section 20 CSR 1140-2.080 - Legal Loan Limit

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Section
				  362.170,
				  RSMo limits the amount which may be loaned to "any individual, partnership,
				  corporation, or body politic." Section 362.170.2(c), RSMo requires that certain
				  loans be aggregated for the purpose of determining whether the limit on loans
				  to a certain entity has been exceeded. Thus, the law states that liabilities of
				  an individual, partnership or corporation must be aggregated with all loans
				  made for the benefit of that individual, partnership or corporation. This
				  office will attempt to effectuate the strong public policy evidenced by the law
				  which is to prevent a bank from becoming overextended to any single concern.
				  Recently, we have witnessed several departures from this public policy and
				  sound banking principles with potentially disastrous results. In order to
				  comply with this section of law, a bank must know which loans should be
				  aggregated and treated as a single line of credit and which loans may be
				  treated separately. This rule establishes some guidelines for compliance with
				  the statute and formalizes the existing policy of the Division of
				  Finance.
(1) Rule. The
				obligations of two (2) or more corporations, partnerships or individuals, or a
				combination, shall be aggregated pursuant to the following guidelines:
(A) If the proceeds of loans to two (2) or
				more entities were used for the benefit of a single individual or enterprise,
				the loans shall be aggregated; and
(B) If two (2) or more entities are
				effectively operating as separate departments or divisions of a single
				enterprise, loans to these entities shall be aggregated.