Okla. Admin. Code § 180:10-3-5

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

Section 180:10-3-5 - Community field of membership

(a) The Board must approve the field of membership of a community credit union. If an existing credit union desires to become a community credit union, the credit union must file with the Board a request for amendment to its bylaws and an application for community field of membership. The bylaw amendment must include a declaration that the credit union is a community credit union and designate the community which the credit union desires as its field of membership. The credit union's designated community must comply with subsection (b) of this section.

(b) A community credit union's field of membership may include individuals who reside, work, worship, or attend school in a designated community, which shall be limited to one of the following:

(1) a single Oklahoma Metropolitan Statistical Area;

(2) a political subdivision; or

(3) a non-standard community.

(c) The application to the Board for community field of membership must contain:

(1) the name and the address of the credit union;

(2) a designation of the community which the credit union intends to serve;

(3) if the proposed community is non-standard,

(A) a map of the geographic boundaries of the proposed community;

(B) locations of the credit union's service facilities within the proposed community;

(C) a description of daily or weekly newspapers serving the proposed community;

(D) a description of characteristics within the proposed community which show that members of the community share a common interest or otherwise interact. Evidence of common interests and interaction may include shared common facilities for education, fire and police protection, medical facilities, school districts, water services and taxing authority; and

(4) such other information as the Board or Commissioner may request.

(d) A community credit union may designate as its community the same community, or a community that includes a smaller community, also served by any other credit union. The Board shall not disapprove of a credit union's designated community on the basis of overlapping membership. Members of a single common bond or multiple common bond credit union may qualify for membership in a community credit union if such members otherwise qualify for membership in the community credit union.

(e) If a multiple common bond or single common bond credit union amends its bylaws to declare itself a community credit union, after such amendment the community credit union may retain in its membership individuals existing in its select associational groups and select employee groups prior to such amendment. The community credit union may also accept as members individuals who join such select associational groups and select employee groups after the amendment. A community credit union may not add new select employee groups or select associational groups after declaring itself to be a community credit union.

(f) If a community credit union desires to serve members of another community, it must amend its bylaws to designate such other community as its field of membership. A community credit union may serve only one designated community. Provided, however, if a credit union with a community field of membership merges with another credit union with a community field of membership, both communities may continue to be served by the surviving credit union so long as the surviving credit union retains a full-service facility in each community.

(g) If a community credit union designates a new community as its field of membership, it may add a member of its former community only if the member also qualifies for membership in the new community. However, the community credit union may continue to serve existing members even if they do not reside, worship, work, or attend school in the new designated community.

(h) If a community credit union has specified the counties of an OMSA as its field of membership, when the boundaries of an OMSA change, the credit union serving the changed OMSA must amend its bylaws before serving any additional counties. A credit union that has identified its field of membership as a specific OMSA without identifying the specific counties, may serve any additional counties of a changed OMSA.

Okla. Admin. Code § 180:10-3-5

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