Okla. Admin. Code § 180:10-3-1

Current through Vol. 42, No. 4, November 1, 2024

Section 180:10-3-1 - New credit union; organization

(a) A credit union shall only be permitted to engage in business upon approval by the Board. The request to establish a credit union shall be set forth in an application form and filed with the Commissioner. The form of such application shall be prescribed by the Commissioner.

(b) The application shall contain the following information:

(1) Name of the proposed credit union;

(2) Statement of purpose;

(3) Place of business;

(4) Declaration of field of membership, which shall be single common bond, multiple common bond, or community ;

(5) Term of existence, which shall be perpetual;

(6) Number of directors;

(7) Par value of shares;

(8) Capital stock;

(9) List of proposed directors, their addresses, and biographical information; and

(10) Such other information as may from time to time be required by the Commissioner or the Board.

(c) No application shall be given favorable consideration by the Board unless it contains a provision that the credit union will obtain share/deposit insurance from the NCUA before accepting accounts.

(d) No application shall receive favorable consideration by the Board that does not have a minimum of five hundred (500) prospective members.

(e) An application must disclose to the Board the existence of any known overlap (other than community overlap) between the proposed field of membership of the applicant and any other credit union operating within the State of Oklahoma.

(f) Copies of the notice of the application must be mailed by Applicant to all Oklahoma credit unions at least ten (10) days prior to the hearing.

(g) An application fee in the amount of Five Hundred Dollars ($500.00) shall be paid to the Department.

(h) The Board may deny an application if the applicant does not appear to have satisfactory managing officers or sufficient capital to support its operations, or other conditions exist that indicate the proposed credit union cannot operate in a safe and sound manner.

Okla. Admin. Code § 180:10-3-1

Amended at 18 Ok Reg 1105, eff 5-11-01; Amended at 26 Ok Reg 1413, eff 6-11-09