Credit Union Interlending

PURPOSE: This rule establishes the basic lending policies for credit unions who borrow or lend money to other credit unions (see section 370.070(8), RSMo for statutory provisions). (1) State-chartered credit unions having surplus funds over and above their need in making loans to their members may lend to other credit unions, provided the following guidelines and conditions are followed: (A) The borrowing credit union must submit to the lending credit union and to the director of Division of Credit Unions a current financial and statistical report and a copy of the resolution of the board of directors authorizing the request for the loan signed by the chief executive officer and secretary; and (B) The terms of the loans are not to exceed a period of one (1) year and can be repaid in part or in full at any time before the date due. AUTHORITY: section 370.100, RSMo 1986.* This rule originally filed as 4 CSR 100-2.050. Original rule filed Jan. 15, 1968, effective Jan. 25, 1968. Amended: Filed Sept. 14, 1972, effective Sept. 24, 1972. Amended: Filed Dec. 15, 1975, effective Dec. 25, 1975. Emergency amendment filed Feb. 14, 1984, effective Feb. 24, 1984, expired June 23, 1984. Amended: Filed March 12, 1984, effective June 11, 1984. Moved to 20 CSR 1100-2.050, effective Aug. 28, 2006. *Original authority: 370.100, RSMo 1939, amended 1945, 1945, 1949, 1959, 1967, 1972.