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§ 30.72. Field of Membership: Application for Eligibility To Add Select Groups.

10 CA ADC § 30.72Barclays 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 § 30.72
§ 30.72. Field of Membership: Application for Eligibility To Add Select Groups.
Currentness
(a) An application by a California credit union for eligibility to add select groups shall contain the following information:
(1) A statement that the credit union has an acceptable rating. The statement shall include the name of regulator or insurer which gave the acceptable rating, and the date the acceptable rating was given.
(2) A statement that there has been no material change in the condition of the credit union since it received the acceptable rating.
(3) Confirmation that the board of directors of the credit union has adopted a policy setting forth guidelines for adding select groups to its field of membership which incorporates, among other necessary items, the appropriate requirements set forth in Section 30.73. A copy of the policy shall be included as an exhibit to the application.
(b)(1) An application by a California credit union for eligibility shall be deemed to be approved on the 60th calendar day after the complete application is filed with the Commissioner, unless the Commissioner (A) earlier decides the application, (B) requests the applicant to provide additional information, or (C) extends the period for deciding the application. In no event shall the Commissioner extend the period for deciding the application beyond the 90th day after the complete application is filed with the Commissioner.
(2) For purposes of Paragraph (1) of this Subdivision (b), an application shall be deemed to be filed with the Commissioner on the date when the application, substantially in compliance with the requirements of Subdivision (a) of this Section, is received by the Commissioner.
(3) For purposes of Paragraphs (1) and (2) of this Subdivision (b), an application shall be considered complete when the Commissioner has received all of the supplemental information he or she requests from an applicant regarding the application. The Commissioner shall notify the applicant in writing of the date on which the Commissioner determined that the application was deemed complete.
(c) As an administrative standard, the Commissioner will approve an application by a California credit union for eligibility if the Commissioner finds both of the following:
(1) That the credit union has an acceptable rating and that there has been no material change in the credit union since the acceptable rating was issued.
(2) That the credit union has adopted the necessary policy to implement the addition of select groups to the field of membership of the credit union.
(d)(1) The Commissioner may, at his or her discretion, revoke the eligibility of a credit union under this Section and Section 30.73 if he or she finds any of the following conditions:
(A) Subsequent to the credit union being granted eligibility, the credit union receives a less than acceptable rating as a result of an examination of the credit union.
(B) Subsequent to the credit union being granted eligibility, there is a material change in the condition of the credit union.
(C) The credit union fails to adhere to the policy adopted in accordance with this Section.
(2) The eligibility of a credit union shall automatically be revoked if a credit union is subject to any enforcement action undertaken by any regulator or insurer of deposits of the credit union.
(3) There shall be no right to a hearing with regard to a determination to revoke a credit union's eligibility pursuant to Subdivision (d)(1) of this Section.
(e) In the event the eligibility of a credit union is revoked pursuant to Subdivision (d) of this Section, the credit union is required to file an application for eligibility under this Section if the credit union desires to regain its status as an eligible credit union.

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 8/30/24 Register 2024, No. 35.
Cal. Admin. Code tit. 10, § 30.72, 10 CA ADC § 30.72
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