Information and Procedure for the Opening of a Station by an Out-of-State Credit Union
Pursuant to Article XI, Section 462, of the New York Banking Law a credit union chartered by a state other than New York may open and maintain a station in this state for the conduct of its business when authorized by the Superintendent of Financial Services.
A credit union may establish one or more stations in any locality in which a substantial portion of its actual potential membership is employed or residing.
The credit union’s board of directors shall submit a written application to the Superintendent of Financial Services, which shall include the following:
- Background information on the credit union and its management structure.
- Copies of the most recent FR 5500 report and year-end financial statements.
- Evidence that members’ shares are insured by the NCUA. (For example: a copy of the insurance certificate or a letter from the NCUA).
- A letter from your state regulator or other documentation evidencing the credit union has the authority to operate a station outside of its home state.
- Name, address and telephone number of your primary regulator. (Please include the name of a contact person).
- The location of the proposed station.
- The number of potential members residing or working within the geographic area of the proposed station.
- The reason for opening the station.
- The services and products that will be offered at the station.
- Income and expense projections for the proposed station covering a three-year period.
- A description of the station staffing and hours of operation.
- A certified copy of the resolution of the board approving the filing of the application.