The Department of Insurance says state-regulated credit unions are bigger than they ever have been. Spokesman Travis Ford says the 125 state-regulated credit unions have topped 10 billion dollars in assets for the first time ever.
Missouri ranks eighth in the nation for the number of state-chartered credit unions, with nearly 90 percent of all credit unions in the state being state-chartered. Ford says there’s a reason why more people are depositing money in banks and credit unions than previously.
Ford says a law that went into effect this week regarding credit unions gives more similarities to credit unions and banks in the way they’re regulated. He says, for example, if an employee were to alter book-keeping or misrepresent the institution, that employee can be prohibited from working in the industry, the same way a bank employee would.