Ga. Comp. R. & Regs. R. 80-2-8-.03 - Requirements for Adding Additional Common Bond Groups to a Credit Union's Field of Membership
(1)
A field of membership may consist of more than one common bond. Pursuant to
O.C.G.A. §
7-1-634, application to the
Department is required prior to a credit union amending its bylaws to add an
additional common bond group.
(2)
An application to add a common bond group must:
(a) Demonstrate that the application promotes
competition and that broadens the availability of financial services to the
proposed membership;
(b)
Reserved;
(c) Be approved for
inclusion into the field of membership by two-thirds of the credit union's
Board of Directors;
(d) In the case
of a non-geographic group common bond, demonstrate sponsor support for any new
group sought such as the submission of a written request from a senior policy
making official of the organization certifying that the organization desires
inclusion in the credit union's field of membership; and
(e) Meet any additional requirements in this
rule chapter.
(3) A
credit union may expand its field of membership pursuant to this section only
where:
(a) It has demonstrated sufficient
managerial and financial capacity to safely and soundly serve such expanded
membership; and
(b) It has
developed a comprehensive business plan acceptable to the Department designed
to accomplish such expansion program in a safe, sound and business-like
manner.
(4) Requests for
approval of additional groups of any type must be in writing and include
evidence that all the requirements of this rule chapter have been
met.
(5) The field of membership
shall not be expanded to include the additional common bond group until:
(a) The Department approves the
application;
(b) The Board of
Directors amends the bylaws to add such common bond to the field of membership;
and
(c) A copy of the amended
bylaws, properly adding such common bond to the field of membership, is
received by the Department.
Notes
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