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House Reconsiders Bill to Allow Credit Union Expansion

April 02, 1998
By: LUCAS WALL
State Capital Bureau

JEFFERSON CITY - The Missouri House breathed life back into a bill that would allow credit unions to expand and gain new members.

The bill failed Wednesday on an 80-66 vote. The state constitution requires 82 votes to pass a bill in the House.

A motion to reconsider the bill passed 85-59 on Thursday.

Several representatives passionately debated whether to reconsider. Rep. Jim Murphy, R-Crestwood, went against most of his Republican colleagues.

Murphy said banks charge too much interest and credit unions can give people a better deal. He called bankers "greedy" and criticized their profits and their executives' multi-million dollar salaries.

"Where does that come out of?" he asked. "That comes out of the blood and sweat of the poor. If you hate the poor, vote this down."

The bill would expand credit union membership criteria to one or more groups that share a common occupation, association, employer, interest or reside or work in a well-defined community.

Opponents, including the Missouri Bankers Association, argue credit unions are taking members outside of their fields of membership and this causes unfair competition with banks.

The bill has been tabled for further debate.