MO HB465

Relocates the Division of Credit Unions from the Division of Finance to the Department of Insurance, Financial Institutions and Professional Registration, with the director appointed by the governor rather than the commissioner of finance.

Establishes new confidentiality and conflict-of-interest provisions for the director and employees of the Division of Credit Unions, including oath requirements and prohibitions on holding credit union offices or receiving payments from regulated credit unions.

Expands the director's authority to remove credit union officers and directors for violations of law, unsafe practices, breaches of fiduciary duty, or crimes involving dishonesty, with procedures for notice, hearing, and appeal to circuit court.

Simplifies credit union reserve fund requirements by allowing the director to establish minimum reserve standards by regulation instead of specifying detailed percentage-based formulas based on credit union size and age.

Modifies member voting procedures for credit union mergers, consolidations, and conversions to allow written or electronic ballots, with ballots due no later than the announced meeting date, and allows members to vote without attending the meeting.