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April 5, 2024

The Missouri General Assembly returned Tuesday after taking Monday off for Easter break. Even with a shortened work schedule, this was one of the busier weeks for MBA staff.

Just six weeks of session remain. The legislature must pass the budget by Friday, May 10. Several priorities for Republican leadership, including initiative petition reform, the Federal Reimbursement Allowance and education reform/charter schools are likely to dominate  floor time. Bills that haven’t yet been approved by their originating chamber, and particularly the Senate, are likely to face a tough path to the governor’s desk.

Hataway: Bill To Expand Credit Union Field-of-Membership ‘Unnecessary’

MBA and its members testified against legislation that would expand field-of-membership, both geographically and through common bond, for credit unions in a House Financial Institutions Committee hearing Tuesday. MBA President and CEO Jackson Hataway testified that House Bill 2452 is unnecessary because if a credit union wants to expand across the state, it can change its charter to become a bank.

“This bill is about the people you can’t currently reach, and that puts you in the realm of banking,” Hataway said. “If credit unions are willing to accept federal taxation and the Community Reinvestment Act and other regulatory requirements they are currently exempt from, then by all means they should be allowed to grow. Otherwise, they should stick to the mission and purpose … to serve the populations around whom their credit union was built.”

Joining Hataway in expressing opposition to the bill was J.R. Buckner, president and CEO of First Federal Bank of Kansas City, Patrick Kussman, president and CEO of Regional Missouri Bank in Marceline, and Luanne Cundiff, president and CEO of First State Bank of St. Charles. In addition, several MBA members submitted online testimony. MBA thanks all its members for their efforts in voicing their opposition to this bill.

Credit union representatives from United Credit Union, Telcomm Credit Union, Mazuma Credit Union, First Missouri Credit Union and United Consumers Credit Union testified in support of the measure sponsored by Rep. Richard West, R-Wentzville.

A recording of the hearing is posted online. Select “April 2” for both the “Start Date” and “End Date,” and then click “Financial Institutions.”

MBA urges bankers to continue educating your lawmakers about the differences between banks and credit unions and the negative impact this bill would have on community banks and their communities.

Senate Approves Bill Addressing Costs for Credit Reports for Consumer Loans

By a 23-9 vote, the Senate approved an MBA-priority measure that will allow banks to pass through the cost of credit reports for consumer loans to customers. Current law allows banks to pass through costs on residential loans but not consumer loans.

Senate Bill 835, sponsored by Sen. Sandy Crawford, R-Buffalo, includes several amendments that were added during floor debate.

  • prohibits the state from using a central bank digital currency
  • bans public entities from considering environmental social governance policies when bidding contracts
  • requires the state to accept gold and silver as a form of payment

MBA thanks Crawford for her efforts in navigating this bill through the Senate process. The bill now heads to the House for approval.

Bill to Increase MOBUCK$ Cap Continues Progression

Bills to increase the cap on MOBUCK$, the state’s linked deposit program, continue to move forward. House Bill 1803, sponsored by Rep. Terry Thompson, R-Lexington, was approved in the Senate Fiscal Review Committee. The bill is currently third in line on the Senate calendar, which bodes well for its chances to be debated on the Senate floor. The Senate companion, Senate Bill 736, was heard in the House Financial Institutions Committee. The bill will likely get amended in committee and, if approved by the House, will return to the Senate for final approval of any changes. Senate Bill 736 is sponsored by Sen. Sandy Crawford, R-Buffalo.

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MBA Job Board

Visit MBA's Job Board to learn more about these exciting opportunities.
  • Southern Bank, headquartered in Poplar Bluff, is hiring a Community Reinvestment Act officer. The CRA officer could be located at any of Southern Bank’s branches within its footprint, subject to office availability.
  • Mid America Bank in Wardsville is hiring a chief operating officer to oversee its core operations, retail branch operations, deposit operations, loan operations and digital banking operations.
  • The Bank of Prairie Village in metropolitan Kansas City has opportunities for a credit analyst and banking associate to join its team.