Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 190 - ILLINOIS CREDIT UNION ACT
Subpart A - GENERAL PROVISIONS
Section 190.10 - Field of Membership Procedures
Current through Register Vol. 48, No. 12, March 22, 2024
a) All requests to amend the field of membership of a credit union must be in writing and provide sufficient detail to establish conformance with a definition of common bond as specified in Section 1.1 of the Illinois Credit Union Act (the Act) [205 ILCS 305 ]. At a minimum this detail must include a definition of the common bond, number of individuals and demographics of potential members, and a letter of support from a sponsor organization, association, or employer if applicable.
b) To change field of membership a credit union must amend its by-laws and articles of incorporation on forms provided by the Division. These amendments require the Director's approval prior to becoming effective.
c) The Division, in administering the common bond requirement of the Act, will evaluate changes to existing or establishment of new fields of membership caused by new charters, conversion, or changes in existing by-laws in accordance with the following criteria: