Deposit and Securing of Public Funds

PURPOSE: This rule allows credit unions to accept public funds for deposit (see sections 148.660, 370.070, 370.071 and 370.400 RSMo). (1) All state-chartered credit unions shall have the power to receive deposits from an officer, employee or agent of nonmember units of federal, Indian tribal, state, local governments and political subdivisions, subject to the terms, rates and conditions as may be established by the board of directors. (2) No credit union may pledge its assets to secure or collateralize deposits other than deposits or public funds held by a political subdivision. The only assets allowed to be pledged in this instance will be those that have or are currently deemed to be eligible to be pledged by the Missouri state treasurer. AUTHORITY: sections 110.060, 362.190, 362.490, and 370.070, RSMo 2000, sections 30.270, 370.071, and 370.400, RSMo Supp. 2007,* and section 107 (12 U.S.C. 1757). This rule originally filed as 4 CSR 100-2.205. Emergency rule filed Feb. 14, 1984, effective Feb. 24, 1984, expired June 23, 1984. Original rule filed March 12, 1984, effective June 11, 1984. Amended: Filed Nov. 1, 2004, effective April 30, 2005. Moved to 20 CSR 1100-2.205, effective Aug. 28, 2006. Amended: Filed April 29, 2008, effective Nov. 30, 2008. *Original authority: 30.270, RSMo 1939, amended 1945, 1945, 1957, 1959, 1965, 1969, 1973, 1975, 1979, 1983, 1987, 1988, 1993, 1998, 2003, 2005; 110.060, RSMo 1939, amended 1953; 362.190, RSMo 1939; 362.490, RSMo 1939; 370.070, RSMo 1939, amended 1945, 1949, 1951, 1965, 1967, 1972, 1984, 1986, 1994; 370.071, RSMo 1977, amended 1978, 1986, 1991, 2007; and 370.400, RSMo 2004.