Iowa Admin. Code r. 189-2.7

Current through Register Vol. 47, No.14, January 8, 2025

Rule 189-2.7 - Chartering standards

In order to grant a charter, the superintendent shall determine that the purpose of this chapter is met and that each and every one of the following standards is met:

1. The proposed members possess a sufficient common bond;

2. The proposed management has the necessary financial expertise;

3. Chartering the credit union is in the interest of its proposed members;

4. The support of the proposed members indicates that the credit union will succeed; and

5. The applicants' plan of business is based on adequate and well-reasoned consideration of the expected costs and returns from operations.

Iowa Admin. Code r. 189-2.7