Okla. Admin. Code § 180:10-3-7

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

Section 180:10-3-7 - Single common bond field of membership

(a) A credit union must obtain Board approval of select employee group and select associational group additions to the field of membership of a single common bond credit union, except when the credit union has a composite CAMEL rating of 1 or 2 as of the credit union's last examination and seeks to add a group whose potential primary members do not exceed 500 or 10% of the credit union's existing membership, whichever is less.

(b) If Board approval of a select associational group or select employee group is required, the credit union must submit to the Board an Application for Field of Membership Expansion. Such application must contain:

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

(2) the name and address of the proposed group;

(3) if an associational group, a copy of the association's organizational certificate, bylaws, or other equivalent organizational documentation;

(4) the number of potential primary members;

(5) information regarding overlaps with other credit unions;

(6) a letter from a representative of the proposed group which requests membership with the credit union and explains:

(A) whether the group has available to it another credit union's services;

(B) the number of persons in the group and the group's address; and

(C) how the group shares the occupational or associational common bond; and

(7) such other information as the Board shall request from the applicant.

(c) If Board approval of a select associational group or select employee group is not required, the credit union must complete and retain an application that shall contain the same information as described in subsection (b) of this section.

(d) A single common bond credit union may not add to its field of membership an OMSA or political subdivision.

(e) A community credit union or multiple common bond credit union that amends its bylaws and declares itself to be a single common bond credit union may retain all existing members and may add new members that otherwise qualify for membership in the credit union by being a member of the select employee group or select associational group being duly serviced by the credit union.

Okla. Admin. Code § 180:10-3-7

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