Fiscal and Financial Services

PURPOSE: This rule establishes the procedures for a credit union to follow when it desires to initiate additional financial services such as money orders, travelers checks, and the like (see section 370.070(10), RSMo for statutory provisions). (1) All fiscal and financial services not provided as a service to the members by the credit union shall have the approval of the director of credit unions before each new service is offered. (2) Application for authority to provide each additional fiscal and financial service shall be made in writing to the director and shall contain a concise description of the service to be provided as well as projected cost of providing this service to the members and the projected fee structure and which fees would be charged to each member using the service. Accompanying the application shall be a copy of the most recent financial report of the credit union, as well as other documents that may support the feasibility of the credit union offering the service for which application was made. (3) The director, from time-to-time, may approve programs for credit unions by which specific additional new services may be offered by credit unions to their members and the director also may establish prerequisites for credit unions who may elect to offer these services; and credit unions meeting these prerequisites may offer these services to their members. (4) The director of the Division of Credit Unions authorizes all credit unions to offer the following business related services without prior approval unless the director orders a specific credit union to cease offering these services: (A) Money orders, travelers’ checks, letters of credit; (B) Share draft accounts; (C) Debit, credit, ATM and smart cards; (D) Sale of insurance products; (E) Any program servicing or granting loans; (F) Any share program; or (G) Sale of tickets, charitable or promotional items. The credit union offering these services shall make available to the director, upon his/her request, the direct and indirect cost of providing the services together with a schedule of the fees charged for the services. AUTHORITY: sections 370.070 and 370.100, RSMo 2000.* This rule originally filed as 4 CSR 100-2.080. Original rule 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. Amended: Filed May 4, 1987, effective July 23, 1987. Amended: Filed June 16, 2003, effective Dec. 30, 2003. Moved to 20 CSR 1100-2.080, effective Aug. 28, 2006. *Original authority: 370.070, RSMo 1939, amended 1945, 1949, 1951, 1965, 1967. 1972, 1984, 1986, 1994; 370.100, RSMo 1939, amended 1945, 1945, 1949, 1959, 1967, 1972.