04 NCAC 06C .0202 MINIMUM POTENTIAL MEMBERSHIP GUIDELINES
(a) Based on experience, established policy and standards, the Administrator shall determine if the breadth and strength of the proposed field of membership is too broad or too weak to effectively operate as a credit union.
(b) Established minimum potential membership guidelines for chartering credit unions in each of the various types of groups are as follows:
TYPE OF GROUPS MINIMUM
Occupational or Employer 300 Employees
Associational 500 Members
Residential or Community 1,000 Members
Multiple Occupational or Combination of Groups 500 Members
Notwithstanding the minimum potential membership numbers, the makeup of the membership group and the level or support is a key indicator for the degree of potential success. Further, determination of the economic advisability of chartering a credit union is based upon such other things as level of group interest, leadership, willingness of management to become involved, local economic factors, and availability of other credit union service.
A group which is close to the minimum and has exceptional prospects for successful credit union operation may be considered for a state credit union charter.
History Note: Authority G.S. 54‑109.2; 54‑109.3(3); 54‑109.11(3); 54‑109.12; 54‑109.21(25); 54‑109.26(b);
Eff. February 1, 1976;
Readopted Eff. April 4, 1978;
Amended Eff. October 1, 1983.