Cornerstone League is advocating for expanding the field of membership for Missouri credit unions, which will give Missourians the freedom to make choices that are best for their financial future.
Missouri credit unions have about 7.5% of the deposits and less than 1% of the commercial and agricultural lending in the state. However, Missouri credit unions could serve more Missourians if the strict FOM laws are loosened.Credit unions provide an invaluable service to Missourians. Just like any other industry, credit unions need to evolve and adapt to economic changes so they can best serve their members. You can be a part of that evolution.
Use the following resources to voice your support for Missouri field of membership expansion:
Statement from Caroline Willard, president and CEO, Cornerstone League
“Field-of-membership expansion is not just good business…it’s an act of responsible community stewardship. All credit unions in Missouri need to be well-positioned to serve their communities with as few road blocks as possible.”
Statement from Jim Phelps, EVP and chief advocacy officer, Cornerstone League
“Cornerstone League’s member credit unions serve a diverse population: from metropolitan residents and businesses to rural, agricultural populations. Cornerstone League is advocating for all Missourians to have the right to choose the best financial institution for them. Expanded field of membership will give them that freedom of choice.”
Statement from Ian Dunlap, executive director, Missouri Credit Union Association
“State-chartered credit unions play a pivotal role in the financial services ecosystem. Outdated, restrictive field of membership rules can push a state-chartered credit union to make the tough decision to apply for a federal charter just to obtain expansion. It’s important that the rule be modernized to establish parity, maintain the balance within the financial services ecosystem, and ultimately enable all Missourians to pursue financial freedom.”