Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1105 - Credit Union Commission
Chapter 3 - Credit Union Membership and Chartering
Section 20 CSR 1105-3.030 - Economic Advisability

Universal Citation: 20 MO Code of State Regs 1105-3.030

Current through Register Vol. 49, No. 18, September 16, 2024

PURPOSE: This rule sets forth criteria the Credit Union Commission has determined to be important for the likelihood of success in establishing and maintaining a new credit union.

(1) Before approving a charter application for a new credit union the director of the Division of Credit Unions must be satisfied that the credit union will be viable and that it will provide needed services to its members. Economic advisability, which is a determination that a potential charter will have a reasonable opportunity to succeed, is essential in order to qualify for a credit union charter.

(2) The Division of Credit Unions will conduct an investigation of each charter application to ensure that the proposed credit union can be successful. This investigation will include an evaluation of-

(A) The character and fitness of proposed management;

(B) The degree of membership support; and

(C) The adequacy of the proposed credit union's business plan.

*Original authority: 370.063, RSMo 1998.

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