TOPEKA, Kan. (3/21/08)--The Kansas Senate Wednesday approved a bill that would limit state-chartered credit unions' field of membership by a vote of 35 to 2.
The bill, Substitute for SB 535, would limit the geographic area served by credit unions and create new regulatory standards for branching, mergers and field-of-membership changes.
"We'll have credit unions that will not be able to expand in a way they could have before," said Marla Marsh, Kansas Credit Union Association president/CEO.
Credit unions immediately affected by the legislation include:
Boeing Wichita CU, Wichita;
Credit Union 1 of Kansas, Topeka;
Credit Unions United, Topeka;
Education CU, Topeka;
Golden Plains CU, Garden City;
Hutchinson CU, Hutchinson;
Kansas Super Chief CU, Topeka;
Medical Community CU, Wichita; and
Mid-American CU, Wichita.
The bill has been extensively amended and approved by the Senate Financial Institutions and Insurance Committee to reflect language agreed upon by the Kansas Credit Union Association. It was introduced by the Kansas Bankers Association.
The association does not support or oppose the legislation, but said it will provide a long-term standard for interpreting the Kansas field-of-membership statute.
courtesy of cuna.com