§ 15350 Federal Credit Union Conversion

Financial Code·California

AI SummaryVerified

A federal credit union can switch to become a state credit union if its board agrees and it follows the federal credit union rules and gets a state certificate.

Key Takeaways

•Board approval is required before the switch.
•The credit union must follow the Federal Credit Union Act rules.
•A state certificate must be obtained to complete the conversion.

Example

A federal credit union wants to change its rules so it can serve more local members.

The credit union's board must first recommend the change, then follow the federal credit union law and apply for a certificate from the state, after which it can operate as a state credit union.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 15350 Federal Credit Union Conversion

Upon recommendation of its board of directors, any federal credit union may convert into a credit union under the laws of this state by complying with the requirements of the Federal Credit Union Act (12 U.S.C. Sec. 1771) and on obtaining a certificate pursuant to Chapter 2 (commencing with Section 14100) of this division. (Amended by Stats. 1981, Ch. 765, Sec. 4.)

Last verified: January 11, 2026

Key Terms

federal credit union board of directors Federal Credit Union Act certificate

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 15350.

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Key Takeaways

Example

Key Terms

Related Statutes

References