3 Colo. Code Regs. § 703-3.2

Current through Register Vol. 47, No. 22, November 25, 2024

Section 3 CCR 703-3.2 - Small Groups

(a) For purposes of implementing C.R.S. 11-30-103(2), the Commissioner shall consider that small groups consisting of at least 1 but not more than 1,000 persons having a common bond of employment or association lack the potential membership to organize their own credit union and, therefore, may be accepted into the membership of an existing state-chartered credit union, provided that the following requirements are met:

(1) The bylaws of the credit union allow such groups as members.

(2) Within thirty days after the group is accepted for membership, the credit union has filed with the Commissioner, in a form prescribed by the Commissioner, the following information:

(i) Name and address of the group.

(ii) Description of the group's common bond.

(iii) Size of the group.

(iv) Date accepted into membership.

(v) Identification of any other credit union in which the group is eligible for membership.

(vi) An affidavit of the small group representing that the group is not interested in organizing its own credit union.

(b) In cases where the size of the group exceeds 1,000 or where other in a form prescribed by the Commissioner.

(c) Notwithstanding any other provision of this rule to the contrary, the Commissioner may, at any time, limit or prohibit a particular credit union from acceptance of small groups of any size or a particular small group into its membership if the Commissioner finds and determines, any of the following circumstances exist:

(1) The credit union has failed to comply with the provisions of subsection (a) of this rule.

(2) The credit union is insolvent.

(3) The credit union is operating in an unsafe or unsound manner.

(4) The credit union has willfully violated any provisions of Article 30 of Title 11, C.R.S., or the regulations duly promulgated thereunder.

(5) The credit union's acceptance of a small group may result in an unsafe and unsound condition in another credit union that serves the same group. C.R.S. 11-30-103(2)

3 CCR 703-3.2

39 CR 15, August 10, 2016, effective 9/1/2016