JEFFERSON CITY, Mo. (1/12/16)--Missouri legislators wasted no time when the New Year’s legislative session began last week to introduce a credit union parity bill and a prize-linked savings (PLS) bill.
On Jan. 6, lawmakers submitted H. 1821, a bill supported by the Heartland Credit Union Association (HCUA) that would permit supervisory committees of state-chartered credit unions to align examination procedures with their federally chartered counterparts.
Heartland, which represents both Missouri and Kansas credit unions, said that the legislation would ensure that all credit unions fall under the same account verification requirements. Under federal law, credit unions must perform account verification once every two years through either statistical sampling or 100% verification.
The PLS bill, S. 833, meanwhile, would allow federally insured financial institutions, including credit unions, to offer PLS programs.
PLS programs incentivize positive savings behavior by granting participants entries into cash drawings each time they put away a set amount of money into savings. The more a participant saves, the more chances to win they earn. Though, participants win anyway in the form of healthier savings accounts and improved savings habits, proponents say.
HCUA also continues to work on transportation network company (TNC) legislation. H.B. 1563 would require TNCs, such as Uber or Lyft, to notify prospective drivers that driving for a TNC may violate the terms of the loan agreement.
The bill also would require TNC insurance payments for a claim to be made directly to the repair business, or jointly to the vehicle owner and the primary lienholder.