Financial Services Industry
Industry: Email Alert RSS FeedBill Restricting FOMs In Kansas Passes Senate, Heads To House
Credit Union Journal, The, March, 2008 by Michael Bartlett, Reporter
A bill that could lead to substantial field of membership (FOM) restrictions on state-chartered credit unions in Kansas passed the State Senate by a 35-2 vote last Wednesday.
The Kansas Bankers Association introduced the legislation, which would limit the geographic area served by credit unions as well as create new regulatory standards for branching, mergers and field of membership changes. The bill has been extensively amended and approved by the Senate Financial Institutions and Insurance Committee to reflect language agreed upon by the Kansas CU Association.
If the bill becomes law, nine state-chartered credit unions would be affected immediately by having to restrict their current geographic fields of membership.
Marla Marsh, president of the Kansas...
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