Or. Admin. Code § 441-710-0450

Current through Register Vol. 63, No. 11, November 1, 2024

Section 441-710-0450 - Mergers of Community Charters

(1) A community charter credit union may not merge into an occupational or associational credit union unless:

(a) The situation involves a well-defined local community, neighborhood or rural district that is underserved by other depository institutions as referenced in ORS 723.172(7)(a) or is an emergency merger under section (2) of this rule.

(b) The merger does not impact the safety and soundness of the continuing credit union; and

(c) The continuing credit union maintains a service facility within the community boundaries. "Service Facility" means a place where shares are accepted for members' accounts, loan applications are accepted, and loans are disbursed. This definition includes a credit union owned branch, a shared branch that belongs to the shared branching network, a mobile home, an office operated on a regularly scheduled weekly basis, or a credit union owned electronic facility that meets, at a minimum, these requirements. It does not include an ATM.

(2) For purposes of this rule, "emergency merger" involves the director's determination that:

(a) A credit union is insolvent or likely to become insolvent;

(b) Expeditious action is necessary;

(c) Other reasonable alternatives are not available; and

(d) The public interest would best be served by approving the merger.

Or. Admin. Code § 441-710-0450

FCS 6-2000; f. & cert. ef. 3-31-00; FCS 2-2004, f. & cert. ef. 8-5-04; Renum bered from 441-710-0038, FCS 2-2005, f. & cert. ef. 8-25-05

Stat. Auth.: ORS 723.102

Stats. Implemented: ORS 723.172 & 723.682