General Requirements

(1) T.C.A. § 45-4-301(a) limits credit union membership “to groups having a common bond of occupation or association or to groups within a well-defined neighborhood, community, or rural district.” Consequently, any group included within the field of membership of a credit union must: (a) Share a common bond of occupation or association; or (b) Constitute a community. (2) A credit union may include different types of occupational and/or associational groups in its field of membership. However, an occupational and/or associational credit union may not expand its field of membership by adding a community. Likewise, a community credit union cannot expand its field of membership by adding an occupational or associational group outside of its community. CREDIT UNION FIELD OF MEMBERSHIP EXPANSIONS CHAPTER 0180-29 (3) A number of persons by virtue of their close relationships to a common bond group may be included, in the applicant’s option, in the field of membership. These include the following: (a) Spouses of persons who died while within the field of membership of the credit union; (b) Employees of the credit union; (c) Persons retired as pensioners or annuitants from the above employment; (d) Immediate family members of a credit union member or immediate family members of persons eligible for credit union membership; or (e) Volunteers for member organizations. Any bylaw amendment seeking to add the persons identified in subsection (3)(a)-(e) above shall be deemed to have the Commissioner’s approval for the bylaw amendment.