Section 30.61 - Field of Membership: Approval of Expansion of Field of Membership Application(a) As an administrative standard, the Commissioner shall consider all of the following factors in processing an application to expand the field of membership of a credit union, and the Commissioner may deny the application for any of the following reasons:(1) The field of membership of the applicant is contrary to the principles of organizing credit unions, including principles of organizing credit unions based on common bond of occupation, association, or groups within a well-defined neighborhood, community or rural district.(2) A false statement of material fact has been made with regard to the application.(3) The applicant's showing as to the economic feasibility of serving the expanded field of membership of the existing credit union is inadequate.(b) If, after notice and an opportunity to be heard, the Commissioner makes a negative finding on any of the factors in Subdivision (a), the Commissioner may deny the application.Cal. Code Regs. Tit. 10, § 30.61
1. New section filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9). Note: Authority cited: Section 14201, Financial Code. Reference: Sections 14155 and 15451, Financial Code.
1. New section filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9).