Kansas Administrative Regulations
Agency 121 - DEPARTMENT OF CREDIT UNIONS
Article 9 - FOREIGN CREDIT UNIONS
Section 121-9-1 - Foreign credit union; requirements for approval
Universal Citation: KS Admin Regs 121-9-1
Current through Register Vol. 43, No. 39, September 26, 2024
(a) Before doing business in this state, the board of directors of each foreign credit union shall obtain the approval of the administrator of the Kansas department of credit unions.
(b) In order to apply for the administrator's approval of a foreign credit union, the board of directors of the foreign credit union shall meet the following requirements:
(1) Describe on a form provided by the administrator how the
proposed field of membership meets the requirements of K.S.A. 17-2205 and
amendments thereto;
(2) provide documentation by which the administrator can
evaluate the financial safety and soundness of the credit union, including the
following:
(A) A statement from the credit union regulator in the state
where the foreign credit union is chartered or incorporated that the credit
union is in good standing in that state;
(B) a copy of the most current insurance certificate from the
national credit union share insurance fund;
(C) a copy of the credit union's most current balance sheet,
the year-to-date income statement, and the most recent call report;
(D) a resolution from the foreign credit union's board of
directors stating that, for loans originating in Kansas, the foreign credit
union will comply with Kansas statutes and regulations;
(E) a copy of the most recent regulatory examination, annual
supervisory committee audit report, or equivalent examination or report from
the credit union regulator in the state where the foreign credit union is
chartered or incorporated; and
(F) a description of the services that the credit union intends
to provide to its members; and
(3) if deemed necessary by the administrator to determine the
credit union's safety and soundness, undergo an examination by the Kansas
department of credit unions.
(c) For purposes of this regulation, "doing business in this state" shall mean that a foreign credit union intends to establish or has a main office or a branch office in Kansas.
Disclaimer: These regulations may not be the most recent version. Kansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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