Skip to Content

Translate | Disclaimer

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:

  1. Background information on the credit union and its management structure.
  2. Copies of the most recent FR 5500 report and year-end financial statements.
  3. Evidence that members’ shares are insured by the NCUA. (For example: a copy of the insurance certificate or a letter from the NCUA).
  4. 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.
  5. Name, address and telephone number of your primary regulator. (Please include the name of a contact person).
  6. The location of the proposed station.
  7. The number of potential members residing or working within the geographic area of the proposed station.
  8. The reason for opening the station.
  9. The services and products that will be offered at the station.
  10. Income and expense projections for the proposed station covering a three-year period.
  11. A description of the station staffing and hours of operation.
  12. A certified copy of the resolution of the board approving the filing of the application.

 

 

About DFS

Contact DFS

Reports & Publications

Licensing

Connect With DFS

DFS Facebook page

Follow NYDFS on Twitter

AccessibilityContact UsDisclaimerPrivacy PolicySite MapPDF Reader Software