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Adding Group of Less than 3,000 to Field of Membership
(From Banking Law Section 451 & Section 478)
- A group of less than three thousand members, which is within reasonable proximity to the credit union's service area or areas, may be added to the credit union’s field of membership upon receipt of a notice as provided in subdivision two of section four hundred seventy-eight of this article
- A credit union may change or amend its bylaws to add a group of less than three thousand members upon receiving a notice of no objection from the superintendent. Within ten business days of receiving such proposed change or amendment, the superintendent shall either send a notice of no objection, notify the credit union that the proposed change or amendment is denied, or notify the credit union that additional review is necessary; provided, however, that if additional review is necessary, the superintendent shall notify the credit union of his or her final decision within no more than twenty-five business days of receiving such proposed change or amendment.