04 NCAC 06C .0203          FIELDS OF MEMBERSHIP

(a)  Parity.  To preserve and protect the welfare of state chartered credit union, the Administrator may approve fields of membership and allow state chartered credit unions the same latitude with regard to membership limitations and restrictions as is available to federally chartered credit unions.

(b)  New Charters.  The field(s) of membership of an applicant for a new credit union shall be reviewed and approved or disapproved in conformity with criteria and policies set out in Chapter 1 of the National Credit Union Administration's Interpretative Ruling and Policy Statement 89‑1, entitled CHARTERING AND FIELD OF MEMBERSHIP POLICY, which are adopted by reference pursuant to G.S. 150B‑14(c).

(c)  Expansion Requests.  Requests for expanded multiple fields of membership for existing credit unions shall be reviewed and approved or disapproved in conformity with criteria and policies set out in Chapter 1, Part 2, pages 2‑312.45 to 2‑312.56 of the National Credit Union Administration's Interpretive Ruling and Policy Statement 89‑1, entitled CHARTERING AND FIELD OF MEMBERSHIP POLICY (Rel. 20‑2/90 Pub. 161), which are adopted by reference pursuant to G.S. 150B‑14(c).

(d)  In allowing an expansion of the field of membership, any such credit union would be bound by membership limitations or restrictions contained in its charter or bylaws as amended and approved by the Administrator.

History Note:        Authority G.S. 54‑109.1; 54‑109.2(e); 54‑109.3(3); 54‑109.4; 54‑109.11(3); 54‑109.12;

54‑109.21(25); 54‑109.22;

Eff. February 1, 1976;

Amended Eff. March 1, 1977;

Readopted Eff. April 4, 1978;

Amended Eff. November 1, 1990; October 1, 1983; April 1, 1979.