Rule 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;(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.Ga. Comp. R. & Regs. R. 80-2-8-.03
O.C.G.A. §§ 7-1-61, 7-1-630, 7-1-634.
Original Rule entitled "Community Financial Services" adopted. F. Aug. 17, 1983; eff. Sept. 6, 1983.Amended: F. Oct. 12, 1989; eff. Nov. 1, 1989.Repealed: New Rule entitled "Requirements for Occupational and Organizational Groups" adopted. F. Sept. 1, 2004; eff. Sept. 21, 2004.Repealed: New Rule entitled "Requirements for Adding Additional Common Bond Groups to a Credit Union's Field of Membership" adopted. F. Aug. 15, 2005; eff. Sept. 4, 2005.Amended: F. June 29, 2018; eff. July 19, 2018.Amended: F. July 9, 2019; eff. July 29, 2019.Amended: F. July 7, 2022; eff. July 27, 2022.