1301:9-2-17 Affiliation to expand field of membership.

(A) A credit union desiring to expand its field of membership, whether within or outside this state, shall submit an application to the superintendent of financial institutions. No credit union shall expand its field of membership without the written approval of the superintendent.

(1) In the case where the credit union charter does not authorize inclusion of multiple groups within the field of membership, an application shall be deemed filed only if accompanied by an amendment of the credit union articles of incorporation authorizing expansion of the field of membership and the required filing fee which shall be in the form of a check made payable to the secretary of state.

(2) Upon receipt of an application to expand a credit union’s field of membership to an associational, occupational, or community group, the superintendent shall notify the credit union not more than fifteen days after the filing of the application to expand a credit union’s field of membership to an associational, occupational, community group whether the application is denied, approved or modified. If the superintendent does not respond within fifteen days after the filing of the application it shall be deemed approved; unless, the superintendent notifies the credit union in writing within fifteen days of the credit union’s request being filed that additional documentation is required. If additional documentation is required, the credit union shall have thirty days to file the additional documentation with the superintendent.

(3) If the superintendent denies an application to expand a field of membership, the superintendent shall notify the credit union of the basis or reason for the order and the credit union may request a hearing in accordance with the provisions of sections 119.01 to 119.13 of the Revised Code.

(B) In considering whether to approve an application for expansion of a credit union’s field of membership, the superintendent shall consider the following:

(1) The convenience and needs of the members of the applicant credit union will be served by the proposed expansion;

(2) The population and economic characteristics of the potential membership pool afford reasonable promise for adequate support for the proposed expansion.;

(3) The policies, condition and operation of the applicant credit union afford no basis for supervisory objection;

(4) The proposed expansion shall occur within twelve months of approval unless the superintendent allows otherwise; and

(5) Any other pertinent factors relating to the field of membership expansion.

Effective: 07/01/2006

R.C. 119.032 review dates: 03/17/2006 and 11/15/2010

Promulgated Under: 119.03

Statutory Authority: 1733.41

Rule Amplifies: 1733.05

Prior Effective Dates: 12/31/99