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.
