La. Admin. Code tit. 10 § IX-501
Application- those documents submitted in a form acceptable to the commissioner, along with all supporting information, requesting approval of a bylaw amendment that provides for a residential group common bond.
Association- those individuals (natural persons) and/or groups (non natural persons) whose members participate in specific activities, share common goals and purposes; possess a charter, bylaws, or any other equivalent documentation that contains a specific definition of who is eligible for membership; conduct periodic meetings open to all members; and sponsor other activities which demonstrate that the members of the group meet to accomplish the goals and objectives of the association.
Commissioner- the Commissioner of the Office of Financial Institutions.
Field of Membership (FOM)- those persons and entities eligible for membership in the credit union.
LOFI- Louisiana Office of Financial Institutions.
Low Income Area- an area that includes any of the following (as reported in the most recently completed decennial census or equivalent government data):
a. an area that wholly consists of or is wholly located within an empowerment zone or enterprise community in the state of Louisiana designated under Section 1391 of the IRC;
b. an area where the percentage of the population living in poverty is at least 20 percent;
c. an area in a metropolitan area where the median family income is at or below 80 percent of the metropolitan area median family income or the Louisiana median family income, whichever is greater;
d. an area outside of a metropolitan area, where the median family income is at or below 80 percent of the state-wide non-Metropolitan area median family income, whichever is greater;
e. an area where the unemployment rate is at least 1.5 times the national average;
f. an area meeting the criteria for economic distress that may be established by the CDFIs of the U.S. Treasury Department.
Residence Within- to live within a well-defined neighborhood, small community, or rural district.
Residential Group Common Bond- a common bond created by residence within a well-defined neighborhood, small community, or rural district.
La. Admin. Code tit. 10, § IX-501