§ 16503 Foreign Credit Union Branch Requirements

Financial Code·California

AI SummaryVerified

This law says a credit union from another country can only open a branch here if its members' deposits are covered by the National Credit Union Administration or another insurer the commissioner approves.

Key Takeaways

•Foreign credit unions need deposit insurance before opening a branch.
•The insurance must be from the NCUA or another approved insurer.
•If the insurer isn’t approved by the commissioner, the branch can’t be set up.

Example

A credit union from Mexico wants to open a branch in Texas.

They can only do it if the money their members keep in the branch is insured by the NCUA or another insurer that the commissioner says is okay; otherwise they can't open the branch.

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

Official Source

View on CA.gov

§ 16503 Foreign Credit Union Branch Requirements

No foreign (other nation) credit union may establish a branch office 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. 4. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign credit union branch office National Credit Union Administration commissioner

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 16503.

Key Takeaways

Example

Key Terms

Related Statutes

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Key Takeaways

Example

Key Terms

Related Statutes

References