Section 0180-29-.05 - APPLICATION TO INCLUDE A SEPARATE OCCUPATIONAL GROUP(1) The application to include a separate group with a common bond of occupation must include at least the following information:(a) The name of the applicant credit union;(b) Evidence that two-thirds (2/3) of the applicant's board of directors have adopted the proposed amendment;(c) A description of the employer including its name, number of employees, the geographic location of those employees and the group's proximity to the credit union's service facility;(d) If the group to be added is located outside the State of Tennessee, provide written evidence that the credit union has complied with the other state's laws; and(e) A statement from a senior officer of the employer or any other writing outlining the wishes of the employees:1. That the employer desires membership for its employees in the applicant;2. Whether its employees are currently eligible for membership, based upon such employment, in another state or federally chartered credit union. If the employees of the group are eligible for membership in another credit union based upon such employment, the applicant must make best efforts to provide a statement of no-objection from the other credit union; and(f) Any other information requested by the Commissioner.(2) Overlap: If the applicant cannot obtain the letter of no-objection described in subsection (1)(e)(2.), after having made a best efforts attempt to do so, the Commissioner may consider the following:(a) The attempts made by the applicant to informally resolve the overlap with the affected credit union;(b) Documentation concerning the interests of the group to be added. A petition signed by a majority of the group's members will be strongly considered. The applicant could also include a letter from the sponsoring employer concerning the wishes of the group;(c) Evidence that the other credit union has failed to adequately serve the group after a reasonable period of time, and how the applicant plans to improve this service. The applicant must supply a copy of the information required in (a), (b) and (c) of this subsection to the other credit union, which will be given thirty (30) days following receipt of such information to submit to the Department any comments on the overlap. The response may want to include such information as the percentage of the group who participates as members in the credit union and the financial impact that the overlap might have on the credit union.
Tenn. Comp. R. & Regs. 0180-29-.05
Original rule filed July 31, 2001; effective November 28, 2001.Authority: T.C.A. §§ 45-1-107(h), 45-4-102(b), 45-4-301(a), 45-4-501(9), 45-4-1001(b), and 45-4-1003(e).