Field Of Membership Changes As A Result Of Sponsor’S Reorganization

OR RESTRUCTURING. (1) If a sponsor group expands its operations the credit union can serve the new employees if they are within the credit union’s field of membership as described in the credit union’s bylaws. (2) If a sponsor group expands its operations by acquiring a new subsidiary, the new group cannot be served until the subsidiary is included in the credit union’s field of membership. The credit union will need to file an application to expand its field of membership. (3) Overlaps may occur as a result of restructuring or merger of the parent organization. Credit unions affected by organizational restructuring or merger should attempt to resolve overlap issues among themselves. If an agreement is reached, the credit unions must apply to the Commissioner for a modification of their fields of membership to reflect the groups each will serve. Unless an agreement is reached limiting the overlap resulting from the corporate restructuring, the Commissioner will permit a complete overlap of the group(s) at issue. However, the credit unions cannot serve any other multiple groups that may be in the field of membership of the other credit union.