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Adding Group of Less than 3,000 to Field of Membership

(From Banking Law Section 451 & Section 478)

  1. 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
  2. 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.

Department of Financial Services


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