Iowa Admin. Code r. 189-2.11 - Employee groups
Upon the application to and approval by the superintendent, an employee group may be served by an already chartered credit union without the requirement of a common bond relationship between the employee group and the chartered credit union effecting service.
(1)
Application to serve an employee
group. A credit union desiring to serve an employee group shall submit
an "Application to Serve an Employee Group" which is available from the
division.
(2)
Recognition
of an employee group. The superintendent may recognize that an
employee group exists and approve a credit union's application to serve the
employee group consistent with Iowa Code chapter 533 and the purpose of this
chapter.
(3)
Inquiry. The superintendent may conduct an inquiry, and may
use any of the powers granted to the superintendent under Iowa Code chapter
533, as deemed necessary in connection with an "Application to Serve an
Employee Group" to determine:
a. That the
credit union making application has the authority in its bylaws to serve an
employee group;
b. That the
employee group has made application to the credit union for services;
and
c. That the quality and
management of the credit union making application are sound and that the credit
union is capable of and will offer services to members of the proposed employee
group equivalent to those offered to its present membership.
(4)
Frequency of
application. There is no limit to the number of applications a credit
union may have pending at any given time.
(5)
Ability to spin off from credit
union. Any employee group previously authorized by Iowa Code chapter
533 may apply to the division for a charter. The application will be considered
on the same basis as an initial chartering under this chapter. Notice of the
application shall be given to interested parties including the parent credit
union. The order of charter shall include a comprehensive plan for
reorganization and reallocation of assets and liabilities.
Notes
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