North Carolina Administrative Code
Title 04 - COMMERCE
Chapter 06 - CREDIT UNION DIVISION
Subchapter C - CREDIT UNIONS
Section .0200 - ORGANIZATION OF CREDIT UNIONS
Section 06C .0202 - MINIMUM POTENTIAL MEMBERSHIP GUIDELINES
Current through Register Vol. 39, No. 6, September 16, 2024
(a) Based on established policy, standards, and the history of the Credit Union Division chartering credit unions, the Administrator shall determine if the breadth and strength of the proposed field of membership is too broad or too weak to operate as a credit union.
(b) The minimum potential membership guidelines for chartering credit unions in each of the various types of groups shall be as follows:
|
TYPE OF GROUPS |
MINIMUM POTENTIAL MEMBERSHIP |
|
Occupational or Employer |
300 Employees |
|
Associational |
500 Members |
|
Residential or Community |
1,000 Members |
|
Multiple Occupational or Combination of Groups |
500 Members |
In addition to the membership, the makeup of the membership group and the level or support shall be a key indicator for the degree of potential success as determined by the Administrator. Further, determination of the economic advisability of chartering a credit union is based upon such other things as level of group interest, leadership, willingness of management to become involved in credit union operations, local economic factors, and availability of other credit union service.
A group that is close to the minimum and has exceptional prospects for successful credit union operation shall be considered for a state credit union charter.
Authority
G.S.
54-109.2;
54-109.3(3);
54-109.11(3);
54-109.12;
54-109.21(25);
54-109.26(b);
Eff. February 1, 1976;
Readopted Eff. April 4, 1978;
Amended Eff. October 1, 1983;
Readopted Eff. February 1,
2018.
