2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 451-A - Qualifications for Membership.

§  451-a. Qualifications for membership. 1. Subject to approval of the
superintendent, the membership  of  a  credit  union  shall  consist  of
persons within the credit union's field of membership who have been duly
admitted members.
Subject  to the approval of the superintendent, a credit union's field
of membership may include one or more of the following categories:
(a) Persons:
(1)  within  the  same  occupation  or  from  multiple   groups   each
representing a different occupation;
(2)   within  the  same  association  or  from  multiple  groups  each
representing a different association;
(3) who reside, work, worship or attend school within  a  well-defined
identifiable  neighborhood,  community or rural district and who, in the
judgment of the superintendent, have such a  community  of  interest  as
will  ensure  proper  administration.  For  purposes  of  this section a
"well-defined identifiable neighborhood, community  or  rural  district"
may  consist  of  one  or  more adjacent precincts, districts, cities or
counties; or
(4) within a combination of these three categories described  in  this
subdivision; or
(b)   Organizations   located   within   a  well-defined  identifiable
neighborhood, community or rural district, as determined  in  accordance
with  subparagraph three of paragraph (a) of this subdivision and which,
in the judgment of the superintendent, have such a community of interest
as will ensure proper administration; or
(c) Family members of such persons described in paragraph (a) of  this
subdivision. For the purposes of this paragraph, "family member" means a
person related by blood, marriage or living in the same household with a
person  within  the  field  of membership and their lineal ancestors and
descendants  including  persons  so  related  by   adoption,   siblings,
stepparents,   stepchildren  and  stepsiblings;  and  "household"  means
persons living in the same residence and maintaining a  single  economic
unit; or
(d) Any employee of the credit union; or
(e)  Any  member  who  leaves  the field of membership and who has not
withdrawn or been expelled may retain membership; or
(f)  Any  incorporated   or   unincorporated   organization   composed
principally  of  persons  eligible to membership in the credit union and
that organization's employees.
2. Any person who is eligible for membership by  reason  of  the  fact
that  he or she is an employee of a common employer or of a credit union
shall not become ineligible, after the termination of  such  employment,
as  long  as  he  or she receives a pension or annuity from, or under, a
plan or other arrangement established by such common employer or  credit
union.
3.  Subject  to  approval  of  the  superintendent, a credit union may
extend membership to persons and organizations in an  underserved  local
community,  neighborhood or rural district where such area is considered
an "investment area" as defined in  the  federal  Community  Development
Banking and Financial Institutions Act of 1994 (12 U.S.C. 4703(16)).
4.  In  considering an application pursuant to subdivision one of this
section, the superintendent shall consider the credit union's record and
history of serving underserved areas, as well as low and moderate-income
individuals within the communities it currently services,  if  any,  and
its  commitments  to  serve  underserved  areas,  as  well  as  low  and
moderate-income  individuals  in   the   communities   to   be   served.
Furthermore,  in  considering  such  application, the superintendent may
impose  such  limitation,  such  as  geographical  limitations,  as  the

superintendent   determines  to  be  appropriate  in  his  or  her  sole
discretion.