MissouriCredit unions could set share values and hold board meetings remotely
Credit unions could set membership-share values from $1 to $100 and let directors join board meetings by phone or electronic means.
What it does
Credit unions could offer membership shares valued from $1 to $100. Members could not use those shares as security for a loan.
Unless the bylaws prohibit it, directors could join board meetings by phone or electronic means when everyone can communicate at the same time.
Argument forRemote participation could let directors attend meetings more easily when travel or distance would otherwise keep them away.
Argument againstElectronic voting could create identity or recordkeeping risks if the board's verification and process-integrity safeguards do not work well.
More detail
A credit union's board may create one or more classes of membership shares with a par value from $1 to $100. The rule covers membership shares representing a member's ownership interest in a credit union. The board may create these share classes only if it chooses to do so. The share terms must follow the credit union's bylaws and other chapter requirements. A membership share may not be pledged as security for a loan. If the credit union is liquidated, the membership share is uninsured and paid after creditors, other share holders, and the National Credit Union Administration.
Directors may participate in and act at board meetings by telephone or electronic or virtual means. The rule covers directors attending a credit union board meeting in person, remotely, or in any combination of those ways. The bylaws may prohibit remote participation. All participating directors must be able to communicate at the same time. The board must establish procedures to verify voting directors' identities and protect the integrity of electronic votes and other actions. Remote actions have the same legal effect as actions taken at an in-person meeting.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jul 13Delivered to Secretary of State (G)Latest
- Jul 13Approved by Governor Mike Kehoe (G)Became Law
- May 28Delivered to Governor
- May 28Signed by President Pro Tem (S)
- May 28Signed by House Speaker (H)
- Apr 23Senate Message (S)
- Vote recorded Truly Agreed To and Finally Passed - AYES: 29 NOES: 0 PRESENT: 0. Result: pass.Lower
- Vote recorded Truly Agreed To and Finally Passed - AYES: 29 NOES: 0 PRESENT: 0. Result: pass.Upper
- Apr 23Truly Agreed To and Finally Passed - AYES: 29 NOES: 0 PRESENT: 0Passed Senate
- Apr 23Taken Up for Third Reading (S)Minor
- Apr 15Reported Do Pass-Placed on Third Read Consent Calendar (S)Minor
- Apr 7Voted Do Pass Consent (S)Minor
- Apr 7Executive Session Held (S)
- Apr 2Public Hearing Scheduled (S) - Tuesday, April 7, 2026, 2:30 p.m., Senate Committee Room - 1st Floor
- Mar 31Second read and referred: Insurance and Banking(S)
- Mar 19Reported to the Senate and First Read (S)Minor
- Mar 16Delivered to the Senate
- Mar 12Third Read and Passed (H) - AYES: 139 NOES: 0 PRESENT: 0Passed House
- Vote recorded Third Read and Passed (H) - AYES: 139 NOES: 0 PRESENT: 0. Result: pass.Lower
- Mar 12Taken Up for Third Reading (H)Minor
- Mar 11Perfected by Consent - Pursuant to House Rules (H)
- Feb 25Reported Do Pass - Consent (H) - AYES: 7 NOES: 0 PRESENT: 0Minor
- Vote recorded Reported Do Pass - Consent (H) - AYES: 7 NOES: 0 PRESENT: 0. Result: pass.Lower
- Feb 24Voted Do Pass - Consent (H)Minor
- Feb 24Executive Session Completed (H)
- Feb 18Referred: Consent and Procedure(H)Minor
- Vote recorded Reported Do Pass - Consent (H) - AYES: 14 NOES: 0 PRESENT: 0. Result: pass.Lower
- Feb 18Reported Do Pass - Consent (H) - AYES: 14 NOES: 0 PRESENT: 0Minor
- Feb 18Voted Do Pass - Consent (H)Minor
- Feb 18Executive Session Completed (H)
- Feb 11Public Hearing Completed (H)
- Feb 5Referred: Financial Institutions(H)Minor
- Jan 8Read Second Time (H)Minor
- Jan 7Read First Time (H)
- 2025
- Dec 29Prefiled (H)Introduced
Consumer ProtectionGovernment & EthicsNational Security