Tenn. Comp. R. & Regs. 0180-29-.12 - APPROVAL OF APPLICATION
(1) The
Commissioner shall give written approval or denial of an application made in
conformance with this Chapter within thirty days from the date it is deemed
complete. The Commissioner 's decision will take into consideration the
following general criteria and other issues or facts that may be relevant to
the application:
(a) Whether the application
is consistent with the provisions of T.C.A. §
45-4-101 et seq. and this
Chapter;
(b) Whether the proposed
new group possesses a common bond of occupation or association, or constitutes
a community, as defined in Rule 0180-29-.03;
(c) Whether the applicant is in a safe and
sound condition and possesses the financial and managerial capability to
provide credit union service to the proposed group in a safe and sound
manner;
(d) Whether approval of the
application might reasonably threaten the viability of another credit union ;
and
(e) Whether approval of the
application will adversely impact the safety and soundness of the
applicant.
(2) In most
cases, field of membership amendments will only be approved for credit unions
which are operating satisfactorily. If a state credit union is having
difficulty providing good service to its current membership, it may have even
more difficulty serving an enlarged field of membership. In some cases,
expanding the field of membership of a struggling credit union may do more harm
than good. A struggling credit union 's resources may be hampered or further
strained by increasing the field of membership, thereby increasing the credit
union 's problems.
Notes
Authority: T.C.A. §§ 45-1-107(h), 45-4-102(b), 45-4-301(a), 45-4-501(9), 45-4-1001(b), and 45-4-1003(e).
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