Louisiana Administrative Code
Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC
Part IX - Credit Unions
Chapter 5 - Criteria to Organize within Residential Groups, and Add Associational Groups
Section IX-501 - Definitions

A. As used in this Rule, and unless the content details otherwise, the following definitions apply.

Application- those documents submitted in a form acceptable to the commissioner, along with all supporting information, requesting approval of a bylaw amendment that provides for a residential group common bond.

Association- those individuals (natural persons) and/or groups (non natural persons) whose members participate in specific activities, share common goals and purposes; possess a charter, bylaws, or any other equivalent documentation that contains a specific definition of who is eligible for membership; conduct periodic meetings open to all members; and sponsor other activities which demonstrate that the members of the group meet to accomplish the goals and objectives of the association.

Commissioner- the Commissioner of the Office of Financial Institutions.

Field of Membership (FOM)- those persons and entities eligible for membership in the credit union.

LOFI- Louisiana Office of Financial Institutions.

Low Income Area- an area that includes any of the following (as reported in the most recently completed decennial census or equivalent government data):

a. an area that wholly consists of or is wholly located within an empowerment zone or enterprise community in the state of Louisiana designated under Section 1391 of the IRC;

b. an area where the percentage of the population living in poverty is at least 20 percent;

c. an area in a metropolitan area where the median family income is at or below 80 percent of the metropolitan area median family income or the Louisiana median family income, whichever is greater;

d. an area outside of a metropolitan area, where the median family income is at or below 80 percent of the state-wide non-Metropolitan area median family income, whichever is greater;

e. an area where the unemployment rate is at least 1.5 times the national average;

f. an area meeting the criteria for economic distress that may be established by the CDFIs of the U.S. Treasury Department.

Residence Within- to live within a well-defined neighborhood, small community, or rural district.

Residential Group Common Bond- a common bond created by residence within a well-defined neighborhood, small community, or rural district.