Section 0180-29-.10 - APPLICATION TO INCLUDE A SEPARATE COMMUNITY GROUP(1) The application to include a separate community 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 detailed description of the neighborhood, community or rural district including a map setting forth its geographic boundaries and its current population;(d) Current financial statements for the credit union, including an income statement and a summary of loan delinquencies;(e) Evidence in the form of surveys or letters from official representatives of prominent groups located in the area to be added showing that the persons who live, work, or worship in the area are interested in affiliating with the credit union;(f) Written documentation reflecting the number of residents, employers and civic leaders contacted and the number of such contacts who are in favor of the credit union, opposed to the credit union and who will join the credit union if the community group is added;(g) Evidence that the proposed area is a well-defined neighborhood, community or rural district;(h) A list of credit unions and other financial institutions with a home or branch office in the proposed area;(i) Evidence that the applicant has given written notice to all other credit unions having an office within the proposed community of its intent to add the community to its field of membership. The notice shall provide that any credit union wishing to comment on the application shall submit written comments to the Department of Financial Institutions within twenty (20) days of the receipt of the Notice;(j) Marketing plan and business plan which address how the community will be served; and(k) Any other information requested by the Commissioner.Tenn. Comp. R. & Regs. 0180-29-.10
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).