ST. LOUIS (12/6/13)--Although the Missouri General Assembly doesn't go into session until Jan. 8, the Missouri Credit Union Association (MCUA) already is preparing for what the new year will bring.
One of the biggest concerns is a potential change in legislation regarding the Financial Institution Data Match program, which tracks parents who are delinquent in child support payments, according to Amy McLard, association senior vice president of advocacy.
When the program was implemented in 2001, financial institutions were encouraged to participate but were not penalized if they didn't. It's anticipated that 2014 legislation will set penalties for non-compliant financial institutions, McLard said.
Many credit unions across the state already are working with the Division of Child Support Enforcement program, but "we want to make sure all credit unions have that process in place," she told News Now.
"Efforts to fully implement this program in advance of legislation will demonstrate credit unions' willingness to work towards compliance with the agency and lawmakers," said MCUA President/CEO Don Cohenour (Missouri Difference Dec. 4).
Because 2014 is an election year, MCUA will monitor initiative petitions--one of which would potentially limit who could contribute to political actions committees, McLard said. "We want to make sure nothing that goes on a ballot would limit credit unions' opportunity to be part of the political process," she added.
There may not be any credit union-specific legislation on the horizon yet, given that legislators just started pre-filing bills Dec. 1. Whatever comes up, the association will be on the watch, McLard said, adding, "We work really hard because we work in the best interest of the consumer."