California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 30 - Credit Unions
Article 1 - General Provisions
Section 30.73 - Field of Membership: Procedure for Eligible Credit Unions to Add Select Groups

Universal Citation: 10 CA Code of Regs 30.73

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) An application by an eligible California credit union to add a select group to its field of membership shall be deemed approved by the Commissioner, if the following requirements are met:

(1) Not less than 10 business days before adding the proposed select group to the credit union's field of membership, the credit union shall file with the Commissioner a report which shall include the following information:
(A) A document signed by an authorized representative of the proposed select group or a letter signed by the common employer requesting that the credit union add the select group to the credit union's field of membership. Whenever possible, the document shall be submitted on the select group's letterhead stationery or the letterhead of the employer.

(B) A statement explaining how the select group shares a common bond of occupation or a common employer.

(C) A statement that the number of persons currently within the select group to be added to the credit union's field of membership is 1,000 or less.

(D) A statement as to the general locations of the select group to be added to the credit union's field of membership.

(E) Two copies of the bylaw amendment adding the select group of the field of membership of the credit union. The bylaw amendment shall be in the form of certificate of secretary or assistant secretary.

(2) The Commissioner does not reject the report called for in Subdivision (a)(1) within 10 business days after filing. The Commissioner may reject a report filed under Subdivision (a)(1) of this Section if the Commissioner finds that it is necessary or appropriate to regulate the addition of the proposed occupational or employee group to the credit union's field of membership, or for other good cause. If the Commissioner does not reject the report called for in Subdivision (a)(1), the bylaw amendment submitted with the report shall be deemed to be approved. The Commissioner may approve an application prior to the date an application is deemed approved.

(b) Within 30 days after an application is approved or is deemed to be approved, the Commissioner shall notify the credit union of the approval and shall provide the credit union with a copy of the bylaw amendment submitted with the report with the approval of the Commissioner endorsed thereon.

1. New section filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9).

Note: Authority cited: Section 14201, Financial Code. Reference: Sections 14155 and 15451, Financial Code.

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