Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words or terms, when used in this chapter, shall have the following meaning, unless the context clearly indicates otherwise:
"Act"
means the Oklahoma Credit Union Act (6 O.S., §2001 et seq.).
"Adjustable rate mortgage loan"
means a mortgage loan secured by a lien on residential real property which permits the periodic adjustment of the rate of interest on the loan in response to the movement of an index which was agreed upon in advance by the borrower and the credit union.
"Administrative Procedures Act"
means the Administrative Procedures Act of Oklahoma (75 O.S., §301, et seq.).
"Board"
means the Oklahoma State Credit Union Board.
"Branch"
means any place of business owned or leased by the credit union, other than the credit union's main office location, at which deposits are received, checks paid, and money loaned.
"Capital"
, as referred to in the Act and in the rules of this chapter shall consist of the shares and deposits plus post-closing undivided earnings held by state-chartered credit unions.
"Certificate of deposit account"
means an account represented by a certificate of deposit as defined in this section.
"Certificate of deposit"
or
"Share certificate"
means a written instrument or special account in a given amount for a given period of time that will earn interest or dividends at a particular rate (subject to conditions) if held to maturity and on which a penalty may be assessed for withdrawal of all or any portion of the principal amount prior to maturity, with certain exceptions. Certificates of deposit and share certificates shall be considered a part of the capital.
"Commissioner"
means the Oklahoma Bank Commissioner, who presides as Chairman of the Board.
"Community Credit Union"
means a credit union that has as its field of membership one of the following:
(A) a political subdivision;
(B) an Oklahoma Metropolitan Statistical Area; or
(D) such non-standard community as the Board shall approve.
"Credit union"
means a credit union organized under the laws of Oklahoma.
"Department"
means the Oklahoma State Banking Department.
"Financial institution"
shall mean a credit union, trust company, bank, savings bank or savings and loan association.
"Federally insured"
shall mean that the institution's deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration, or any successor agency thereof.
"Metropolitan Statistical Area"
or
"MSA"
means an area designated by the Federal Office of Management and Budget which consists of a county or group of adjoining counties that contain at least one urbanized area of 50,000 inhabitants or more.
"Multiple common bond"
shall mean a credit union that has as its field of membership select employee groups and/or select associational groups, and which groups have, as to each individual group, a common bond of occupation or association, but, as to all groups, need not have the same common bond of occupation or association as other groups within the credit union.
"NCUA"
means the National Credit Union Administration.
"Net earnings"
means the balance after deducting from the gross income a credit union actually receives during a dividend period, all expenses paid or payable during such period, dividends on shares, interest on deposits, statutory reserves and any losses sustained therein for which no specific reserve has been set aside, or for those credit unions on an accrual basis, net earnings shall mean the balance after deducting from the gross income a credit union actually receives or accrues during a dividend period, all expenses paid or payable, all interest accrued, dividend on shares, interest on deposits, statutory reserves during such period and any losses sustained therein for which no specific reserve has been set aside.
"Non-standard community"
shall mean a well-defined community, neighborhood, or rural district whose residents have common interests or interact. An OMSA or political subdivision shall not be considered a non-standard community.
"Oklahoma Metropolitan Statistical Area"
or
"OMSA"
means any one of the areas, located entirely within the state of Oklahoma, designated by the Federal Office of Management and Budget as a Metropolitan Statistical Area, as amended from time to time.
"Political subdivision"
means a county, city, town or other municipal corporation, a public authority, and any other publicly owned entity which is an instrumentality of a state of the United States or a municipal corporation.
"Primary member"
means an individual who is directly eligible for credit union membership because of the individual's employment, group association, or community relationship.
"Select associational group"
means a group whose members participate in activities developing common loyalties, mutual benefits, and mutual interests. A select associational group shall not include a political subdivision, OMSA, or any association formed only to qualify for membership in a credit union.
"Select employee group"
means a group whose members are employed by the same legal entity or such entity's affiliates. For purposes of this definition, the term "affiliate" shall mean any company that controls, is controlled by, or is under common control with, the legal entity.
"Single common bond"
shall mean a credit union that has as its field of membership select employee groups or select associational groups with a single common bond among all groups.
"Surplus"
means the credit balance of the undivided earnings account on the given date after all losses have been provided for and net earnings or net losses have been added thereto or deducted therefrom, as the case may be.
"Variable rate loan"
means any loan other than an adjustable rate mortgage loan defined in this section which permits adjustment of the interest rate on the loan in response to the movement of an index.
Amended at 18 Ok Reg 1105, eff 5-11-01; Amended at 26 Ok Reg 1413, eff 6-11-09