Ga. Comp. R. & Regs. R. 80-2-8-.02 - Expedited Applications for Non-Geographic Group Common Bonds

(1) Requests for approval of non-geographic common bonds can be submitted to the Department via an expedited application form so long as the following conditions are satisfied:

(a) 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;

(b) The credit union must not be subject to any agreements, orders, or other enforcement or administrative agreements with the Department or the NCUA;

(c) The requested field of membership addition consists of 5,000 potential members or less;

(d) The requested field of membership is not a geographic common bond;

(e) The requested field of membership is located entirely within the State of Georgia; and

(f) The requested field of membership satisfies all of the requirements in this rule and Rule 80-2-8-.03.

(2) Notwithstanding the above, the Department may 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) The requirements for expedited processing have not been satisfied; or

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

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

(3) The Department shall approve, deny, or remove from expedited processing any expedited application for field of membership approval within ten (10) business days of receipt of a completed expedited application.

Notes

Ga. Comp. R. & Regs. R. 80-2-8-.02

O.C.G.A. §§ 7-1-61, 7-1-663.

Original Rule entitled "Affiliated Organizations" adopted. F. Aug. 17, 1983; eff. Sept. 6, 1983. Repealed: New Rule entitled "Affiliated Organizations as Additions to Non Residential Group Common Bonds" adopted. F. Aug. 15, 2005; eff. Sept. 4, 2005. Amended: New title "Affiliated Organizations as Additions to Non-Geographic Group Common Bonds." F. June 29, 2018; eff. July 19, 2018. Amended: New title, "Expedited Applications for Non-Geographic Group Common Bonds." F. July 7, 2022; eff. July 27, 2022.