New Jersey Administrative Code
Title 3 - BANKING
Chapter 21 - CREDIT UNIONS
Subchapter 3 - BRANCHING BY A STATE CHARTERED CREDIT UNION
Section 3:21-3.4 - Content of branch applications of credit unions
Universal Citation: NJ Admin Code 3:21-3.4
Current through Register Vol. 56, No. 18, September 16, 2024
(a) An application by a New Jersey State chartered credit union to establish a branch office shall contain:
1. The name of the credit union and
the location of the applied for branch;
2. An original certification of a copy of the
board resolution authorizing the application;
3. If the proposed transaction involves the
acquisition of deposits from another credit union:
i. Pro forma balance sheet projections
reflecting the acquiring credit union before and after the acquisition;
and
ii. Projections of the ratio of
capital to total assets of the credit union before and after the
acquisition;
4. If the
branch is to be located outside of New Jersey, a statement from the proposed
host state regulator of credit unions that the New Jersey State chartered
credit union is authorized by the law of that host state to establish a branch
in that state or territory; and
5.
All other documentation required of a specific applicant by the Commissioner or
which the applicant wishes the Department to consider.
(b) An application by an out-of-State state chartered credit union to establish a branch office in New Jersey shall contain:
1. The name of the credit union and
the location of the applied for branch;
2. A filing fee of $ 25.00;
3. An original certification of a copy of the
board resolution authorizing the application;
4. Proof of deposit insurance;
5. Certification by its home state regulator
indicating that the credit union is incorporated under the credit union laws of
its home state and that the laws of its home state permit a New Jersey State
chartered credit union to establish a branch in its home state;
6. A copy of the branch application submitted
to its home state regulator;
7. A
copy of its most recent Financial Performance Report; and
8. All other documentation required of a
specific applicant by the Commissioner or which the applicant wishes the
Department to consider.
(c) An out-of-State state chartered credit union that seeks approval to relocate a New Jersey branch or a New Jersey State chartered credit union that seeks approval to relocate a branch shall submit the following to the Department:
1. A letter
indicating where the office will be relocated to, why it is being relocated,
and stating how its relocation will benefit the members of the credit
union;
2. An original certification
of a copy of the board resolution authorizing the relocation; and
3. All other documentation required of a
specific applicant by the Commissioner or which the applicant wishes the
Department to consider.
Disclaimer: These regulations may not be the most recent version. New Jersey 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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