State Treasurer Clint Zweifel (D) commended credit unions for their efforts to help consumers during a meeting in Jefferson City on March 11. A dozen credit union leaders from across the state met with Zweifel during the Missouri Credit Union Association (MCUA) Annual Advocacy Meeting. The State Treasurer spoke positively about the important role credit unions are playing in the financial well-being of all Missourians. He also talked briefly about some of his legislative priorities for 2014 and looking ahead.
“We appreciate that the State Treasurer took time out of his busy schedule to meet with credit union representatives,” says Amy McLard, MCUA senior vice president of advocacy. "We were able to discuss some of our concerns, to share our successes, and reinforce our support for one of his legislative priorities in 2014 .”
Treasurer Zweifel supports HB 1217, a pension-protection bill sponsored by Representative Tony Dugger (R-District 141). It prohibits a person’s Missouri public employment retirement benefit from being transferred or assigned to a pension advance company. A pension advance is a lump sum payment in exchange for the rights to some or all of the payments the person would otherwise receive. Such deals can ultimately cost retirees thousands of dollars in interest and fees, and often times are predatory in nature.
"Pension advance contracts are unregulated and often do not fully disclose the effective interest rate and other fees associated with them," said the treasurer in a news release.
MCUA Advocacy staff spoke in favor of HB 1217 during the House Financial Institutions Committee on January 15. The bill was voted out of the House of Representatives. It must be assigned to a committee in the Senate to move forward.
Caption: Staff and volunteers from United Consumers Credit Union, Missouri Credit Union, Missouri Central Credit Union, Southpointe Credit Union, CommunityAmerica Credit Union, CSD Credit Union, and Northwest MO Regional Credit Union meet with Missouri State Treasurer Clint Zweifel (D), center.