Or. Admin. Code § 441-710-0071

Current through Register Vol. 63, No. 11, November 1, 2024

Section 441-710-0071 - Application to Serve Former Occupational Groups and Associational Members

(1) In accordance with ORS 723.172, all community credit unions that wish to continue credit union services to an occupational or associational group or groups shall file an application to serve the these groups on a form provided by the director. The application form shall require the community credit union to supply the following information:

(a) The credit union's name; the date of conversion; and the communities it serves.

(b) The names of the former occupational or associational group or groups that the credit union wishes to serve and information showing that the occupational or associational group or groups have offices within the credit union's community boundaries.

(c) Information showing that the occupational or associational group or groups were within the credit union's field of membership before it converted to a community charter and the date when the by-laws were amended to include the occupational or associational group or groups in the credit union's field of membership.

(d) Information showing the number of individuals within the occupational group or groups or association or associations that do not live or work within the credit union's geographic boundaries, and the basis for credit union membership such as whether the individuals are directors, officers, employees, members, partners, personal representatives, trustees or volunteers of the corporation, limited liability company, partnership or association, trust, estate or other entity.

(e) Information showing that the credit union has the ability to serve the new credit union members who do not live or work within the community boundaries without sacrificing safety and soundness requirements including addressing the implications of how increased credit union membership, deposits, and responsibilities may effect the credit union's capital or net worth ratio.

Or. Admin. Code § 441-710-0071

FCS 12-2010, f. 11-29-10, cert. ef. 12-1-10

Stat. Auth.: ORS 723.172

Stats. Implemented: 2009 SB 438 ¦3