N.J. Admin. Code § 3:21-3.5

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:21-3.5 - Criteria to establish a branch

(a) Before granting approval to an out-of-State state chartered credit union to establish a branch in New Jersey, the Commissioner shall find that the out-of-State state chartered credit union:

1. Is a credit union organized under the credit union laws of its home state;

2. Is solvent;

3. Has deposit insurance of a type approved by the Commissioner for credit unions chartered by this State;

4. Is adequately examined and supervised by a regulatory agency of its home state;

5. Has persons in its field of membership in this State to serve;

6. Operates under laws of its home state that permit a New Jersey State chartered credit union to establish a branch in its home state; and

7. Has consented in writing to be examined by the Department either directly or by cooperative or reciprocal agreements, developed by the National Association of State Credit Union Supervisors, with its home state regulatory authority.

(b) Before granting approval to a New Jersey State chartered credit union to establish a branch, the Commissioner shall find the New Jersey State chartered credit union:

1. Is solvent;

2. Will establish a branch that will serve the interests of its members;

3. Is currently in compliance with all provisions of 17:13-79 et seq. and any regulations adopted pursuant to that statute; and

4. If the branch is to be located outside of New Jersey, that the New Jersey State chartered credit union is permitted to establish a branch by the laws of the proposed host state.

N.J. Admin. Code § 3:21-3.5