Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1100 - Division of Credit Unions
Chapter 2 - State-Chartered Credit Unions
Section 20 CSR 1100-2.220 - External Deposits
Universal Citation: 20 MO Code of State Regs 1100-2.220
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule limits the possibility of several types of unsafe and unsound uses of deposits from external sources.
(1) For purposes of this rule only the following definitions shall apply:
(A) Nonmember shall mean any natural person
or legal entity, whether or not eligible for membership, not belonging to the
credit union into which a deposit is being made; and
(B) Nonnatural person shall mean any legal
entity such as a governmental unit, corporation, credit union, association or
other similar entity other than a natural person.
(2) Any credit union which receives deposits from nonmember nonnatural persons must notify the director of credit unions, in writing, within ten (10) days of the balance of all such deposits exceeding five percent (5%) of total shares and deposits.
*Original authority: 370.100, RSMo 1939, amended 1945, 1945, 1949, 1959, 1967, 1972.
Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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