Ga. Comp. R. & Regs. R. 80-2-13-.06 - Qualifying Criteria for Expedited Processing for Applications by a Credit Union Other than Charter

(1) The following criteria, when met and certified to by an applicant credit union, shall, where permitted by statute or rule, qualify the credit union to utilize a shorter application and/or an expedited process for approval:

(a) The credit union must be well capitalized as defined in the appropriate capital regulation and guidance of the NCUA;

(b) The credit union must have received a CAMELS composite rating of "1" or "2" as a result of the most recent state or federal examination; and

(c) The credit union must not be subject to any agreements, orders, prompt corrective action directives or other enforcement or administrative agreements with the Department or NCUA.

(2) The Department may deny or remove from expedited processing any credit union's application where it finds that:

(a) Safety and soundness concerns of the Department dictate a more comprehensive review;

(b) Other supervisory concerns, legal issues, or policy issues come to the attention of the Department;

(c) If applicable, any acquisition of fixed assets would cause the institution to exceed the state fixed asset limitation; or

(d) Any other good cause exists for denial or removal.

In this event, the institution will be notified that expedited processing is not available, the reason, and instructions as to how to proceed.

Notes

Ga. Comp. R. & Regs. R. 80-2-13-.06

O.C.G.A. §§ 7-1-61, 7-1-79, 7-1-663.

Original Rule entitled "Qualifying Criteria for Expedited Processing for Applications by a Credit Union Other than Charter" adopted. F. July 12, 2024; eff. Aug. 1, 2024.