Or. Admin. R. 441-710-0035

Current through Register Vol. 63, No. 8, August 1, 2024

Section 441-710-0035 - Community Charter Applications

A credit union applying for a community charter must complete an application to include at least the following information:

(1) Written authorization for the application signed by the Board of Directors.

(2) Bylaws or amendment to bylaws showing current and revised field of membership.

(3) Identification of the area the credit union wishes to serve and the total population of the proposed community. Quote source for the population figures.

(4) If the area to be served consists of more than one precinct, district, city, county, or other defined boundaries, a detailed description of how the persons in the area interact or share interests.

(5) Map of proposed well-defined local community, neighborhood or rural district.

(6) Most recent monthly financial statement, including income and expense statement; and

(7) Business plan showing how credit union will provide service to proposed community, pro forma financial statements for the first three years of operation including assumptions used, and facility locations. The plan should include information on services and products offered by the institution.

(8) If the credit union applying for a community charter wishes to continue credit union services to a former group or former groups in accordance with ORS 723.172, the credit union must comply with the application requirements set forth in OAR 441-710-0071.

Or. Admin. R. 441-710-0035

FCS 6-2000; f. & cert. ef. 3-31-00; FCS 12-2010, f. 11-29-10, cert. ef. 12-1-10

Stat. Auth.: ORS 723.102

Stats Implemented: ORS 723.172(2) & 723.172(5)