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§ 30.71. Field of Membership: Definitions.

10 CA ADC § 30.71Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 10. Investment
Chapter 1. Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 30. Credit Unions
Article 1. General Provisions
10 CCR § 30.71
§ 30.71. Field of Membership: Definitions.
Currentness
In Sections 30.72 and 30.73:
(a) “Eligible” when used with respect to a California credit union, means that the Commissioner has granted eligibility to add select groups to the credit union, and that the eligibility remains in full force and effect.
(b) “Acceptable Rating” when used with respect to a California credit union, means that the composite rating of the credit union in the most recent report of examination issued by the Department or the National Credit Union Administration was “1” or “2” under The CAMEL Rating System; provided that the credit union has not been notified by the Commissioner that it is ineligible.
(c) “Select Group” means either of the following:
(1) An association formed by a group of individuals based upon a common bond of occupation. At the time the application is made, the total number of members of that association may not exceed 1,000.
(2) Employees of a common employer. At the time the application is made, the total number of employees of the common employer may not exceed 1,000.

Credits

Note: Authority cited: Section 14201, Financial Code. Reference: Sections 14155 and 15451, Financial Code.
History
1. New section filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9).
This database is current through 4/26/24 Register 2024, No. 17.
Cal. Admin. Code tit. 10, § 30.71, 10 CA ADC § 30.71
End of Document