MO SB306

Transfers supervision of state credit unions from the Division of Finance to the Department of Insurance, Financial Institutions and Professional Registration, with a director appointed by the governor with senate consent.

Establishes confidentiality requirements for the director and employees of the division regarding credit union examination information, with limited exceptions for government officials, court proceedings, and other regulatory agencies.

Grants the director authority to remove or suspend credit union officers and directors for violations of law, unsafe practices, breach of fiduciary duty, or dishonest conduct, with notice and hearing procedures.

Clarifies member voting procedures for credit union mergers and conversions by allowing written or electronic ballots, and requiring notice 14-30 days before meetings.

Simplifies reserve fund requirements by allowing credit unions to establish reserves sufficient to maintain federal share insurance and comply with director regulations.