La. Admin. Code tit. 10 § IX-509

Current through Register Vol. 50, No. 11, November 20, 2024

Section IX-509 - Public Policy

A. In order to protect the interests of current and future members of the credit union, to be responsive to the needs of the membership for financial services, to encourage further economic growth in the state of Louisiana, and to foster the development of credit unions under a dual chartering system in the state of Louisiana pursuant to Section 641.1 of the Louisiana Credit Union Law, groups that are within the field of membership of the credit union prior to application for a residential group common bond shall be considered to remain within the FOM of the credit union, after the approval of a residential group common bond.

B. Upon application for a residential group common bond, the goal of the credit union shall be to adequately serve the residential area that may be approved by the commissioner, as well as any other group(s) included in its FOM.

C. In approving any further expansion of a credit union's field of membership, the commissioner may give consideration to its rate of market penetration and other pertinent criteria to determine if the credit union is properly and adequately serving the FOM in the residential area as projected.

La. Admin. Code tit. 10, § IX-509

Promulgated by the Office of the Governor, Office of Financial Institutions, LR 33:1631 (August 2007).

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:121(B)(1).