New York state Credit UnionsCredit cooperatives of the State of New York
DFS applications: State chartered credit cooperative
The New York State chartered credit is restricted to individuals who have one or, with the consent of the Superintendent of Financial Services, more than one joint place of employment if it would destroy the contest within a local authority; or to individuals who are members of the same trades, occupation, association, labour force, company or organisation; or to individuals and organisations residing in the same city, country or other governmental sub-division and who, in the opinion of the Superintendent of Financial Services, have a group of interests which ensures the orderly management of the unit.
Except as specifically forbidden in the statutes, the spouse and forebears and descendants of the members entitled to benefits and the staff of the credit cooperative are also entitled to benefits. In order to become qualified for National Credit Association coverage, a credit cooperative must have at least the number of members specified by the National CreditUnionA.
If the credit cooperative is to be funded by an employers or other organisations, the supporters' assistance and collaboration in writing must be ensured. There are several ways in which this assistance can be of great use to a growing credit cooperative. Sovereignty charters credit cooperatives under the control of the New York State Department of Financial Services and are audited at least once a year at the cooperative's cost.
Furthermore, the credit cooperatives are regularly audited by NCUA as the insurers of state-certified credit cooperatives. The credit cooperative is the property of and under their control. Review and monitor the actions of managers, executives and the Credit Committees. Same thing I did for the Board of Supervisors. In accordance with the statutes of the credit cooperative.
If the Articles of Association so stipulate, a credit analyst may be designated in place of a credit delegation. The members of the Supervisory Committees may not act as credit officers, members of the Credit Committees or members of the Supervisory Boards. It is the responsibility of the credit cooperative's officers to operate them in accordance with the New York Banking Act and the Department of Financial Services Regulations, the credit cooperative's statutes and the NCUA rules and regulations applicable to all credit cooperatives insureds.
Organisers should also be clear that credit cooperative service can be largely optional. Acknowledge from the beginning that the existing legislation and rules must be upheld. Managers and members of committees must also be clear that the Board of Managing Directors, the Supervisory Board and the Credit and Loan Committees have separated and segregated tasks and areas of responsibility that are necessary for the cooperative's wellbeing.
Members' percentages must be covered by NCUA coverage. Before the New York State Department of Financial Services approves and submits the Certificate of Organization, an equity policy request must be submitted and NCUA's assurance that it is prepared to cover the suggested credit cooperative must be valid.
The New York State Department of State can provide you with a listing of authorized detectives. Cooperatives are regarded as bank organisations and have trustee responsibility and liabilities towards the general public. 3. The New York State Department of Financial Services has a responsibility to ensure that credit cooperatives fulfil their mandate to benefit the population.
In accordance with the statutory provisions, all prerequisites for the organisation and operation of a credit cooperative must be fulfilled. Should you choose to continue organising a state-chartered credit cooperative in New York, please contact us and let us know your choice. It should include: information on the suggested area of affiliation (the joint commitment above ); the number of prospective members (including the number of anticipated direct members); the founders' reputations and an overview of their experiences or skills in running a credit cooperative.
Once this information has been reviewed, we will get in touch with you to agree a date with the suggested founders and/or their agents.