§ 16004 Foreign Credit Union Branches

This law says a credit union from another state can’t open a branch or office in California unless its members’ money is covered by the National Credit Union Administration or another insurer the state approves.

Key Takeaways

•Only out‑of‑state credit unions are covered by this rule.
•They must have deposit insurance from the NCUA or another approved insurer.
•The state commissioner must find the insurer satisfactory before the branch can open.

Example

A credit union based in Texas wants to open a new branch in San Francisco.

The Texas credit union can only open the San Francisco branch if the deposits there are insured by the NCUA or another insurer that California’s commissioner says is okay. If they don’t have that insurance, they can’t set up the branch.

No foreign (other state) credit union may establish a California branch office or California facility unless its deposit or share accounts are insured by the National Credit Union Administration or other insurer that is not unsatisfactory to the commissioner. (Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)

Key Takeaways

•Only out‑of‑state credit unions are covered by this rule.
•They must have deposit insurance from the NCUA or another approved insurer.
•The state commissioner must find the insurer satisfactory before the branch can open.

Example

A credit union based in Texas wants to open a new branch in San Francisco.

Key Takeaways

Example

Key Terms

References

§ 16004 Foreign Credit Union Branches

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References