Home Table of Contents

§ 30.60. Existing Credit Union: Application for Expansion of Field of Membership.

10 CA ADC § 30.60BARCLAYS OFFICIAL CALIFORNIA CODE OF REGULATIONS

Barclays Official California Code of Regulations Currentness
Title 10. Investment
Chapter 1. Commissioner of Financial Institutions
Subchapter 30. Credit Unions
Article 1. General Provisions
10 CCR § 30.60
§ 30.60. Existing Credit Union: Application for Expansion of Field of Membership.
(a) In this Section, the term “community” means a well-defined neighborhood, community or rural district.
(b) Except as authorized by Section 30.73, a credit union may not expand its field of membership without the prior approval of the Commissioner.
(c) A credit union may not expand its field of membership except through an amendment to its bylaws.
(d) An application for an expansion of the field of membership of an existing credit union shall include the following information:
(1) If the applicant proposes to serve an occupational group or association, the application shall include the name and description of the proposed group or association. If the proposed field of membership includes more than one group or association, the application shall contain the name and description of each group or association. Other than groups of employees of a common employer, the application shall include the bylaws of each group or association, if the group or association has adopted bylaws.
(2) A complete list of the organizations, associations, and communities in the credit union's current field of membership.
(3) If the applicant proposes to serve one or more communities, the application shall include information sufficient to demonstrate a common bond with regard to each community.
(4) The number of potential members in each group or community to be included in the field of membership.
(5) The geographic location of each group or community to be included in the field of membership.
(6) If the proposed field of membership is a group the membership of which is equal to or greater than 20 percent of the current membership of the credit union or the proposed field of membership is a community, a copy of the business plan, and a copy of the marketing plan which shall include the methods by which the credit union intends to serve its expanded field of membership.
(7) Such other information that bears upon a finding that the proposed field of membership is not contrary to the principles of organizing credit unions, including principles of organizing credit unions based upon common bond of occupation, association, or groups within a well-defined neighborhood, community or rural district.
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).
2. Repealer of subsection (d)(2) and subsection renumbering filed 3-27-2018; operative 4-1-2018 pursuant to Government Code section 11343.4(b)(3) (Register 2018, No. 13).
This database is current through 7/6/18 Register 2018, No. 27
10 CCR § 30.60, 10 CA ADC § 30.60
End of Document© 2018 Thomson Reuters. No claim to original U.S. Government Works.