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This application is submitted by a state-chartered credit union to request a certificate to maintain and operate a proposed branch facility, detailing investment, field of membership, and operational
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How to fill out APPLICATION BY A STATE-CHARTERED CREDIT UNION FOR CERTIFICATE TO MAINTAIN AND OPERATE A BRANCH FACILITY

01
Obtain the APPLICATION BY A STATE-CHARTERED CREDIT UNION FOR CERTIFICATE TO MAINTAIN AND OPERATE A BRANCH FACILITY form from the relevant regulatory authority.
02
Fill in the basic information about your credit union including name, address, and contact information.
03
Provide details about the proposed branch location including address and any relevant zoning information.
04
Outline the services that will be offered at the new branch facility.
05
Include a statement of need demonstrating why the new branch is required by your members.
06
Attach financial statements and any forecasts relevant to the new branch's expected performance.
07
Review all information for accuracy and completeness.
08
Sign and date the application form as required.
09
Submit the completed application along with any required fees to the appropriate regulatory authority.

Who needs APPLICATION BY A STATE-CHARTERED CREDIT UNION FOR CERTIFICATE TO MAINTAIN AND OPERATE A BRANCH FACILITY?

01
Credit unions seeking to expand their services and reach by establishing a new branch location.
02
State-chartered credit unions that are planning to enhance their operational capabilities through additional facilities.
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People Also Ask about

A state chartered credit union has a charter granted by a state. These credit unions follow state regulations. A federally charted credit union has a charter from the federal government granting it the ability to operate.
Large credit unions have more capital and staff expertise to plan and implement CUSO solutions. CUSOs that provide financial services to members, tend to be owned by one credit union (but not always) while credit unions that provide operational services are almost always owned by multiple credit unions.
Credit unions tend to have lower interest rates for loans and lower fees. Banks often have more branches and ATMs nationwide. Many credit unions have shared branches and surcharge-free ATMs provided through the CO-OP Shared Branch network. Banks have historically had better technology online and for mobile apps.
Credit unions require membership to open a bank account or utilize services. Usually, you'll have to work for a select employer or live in a specific city or county. However, some credit unions have pretty easy membership requirements that you let join from anywhere in the U.S.
As non-profit entities, credit unions generally do not pay taxes on income generated by its CUSOs structured as LLCs. However, if the IRS determines the income earned by the CUSO qualifies as unrelated business income (UBI), the credit union may be subject to Unrelated Business Income Tax (UBIT).
In addition to typical fidelity, property and liability issues, these risks also often apply to CUSOs: While it's true that CUSOs may often be wholly owned by one credit union, the need to demonstrate that the CUSO has a separate corporate identity that operates independently of the credit union still exists.
A share certificate is a type of savings account offered by credit unions. Share certificates are a fixed-term deposit account that often offer higher rates than a regular savings account.

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It is a formal request submitted by a state-chartered credit union to obtain the necessary certification to establish and manage a branch location.
State-chartered credit unions that wish to open, maintain, or operate a branch facility are required to file this application.
The application must be filled out by providing detailed information about the credit union, the proposed branch location, operational plans, and compliance with regulatory requirements.
The purpose is to ensure that the credit union meets the necessary conditions and standards to safely and effectively operate a branch, in compliance with state regulations.
The application must include details such as the credit union's name, proposed branch location, operational plans, financial statements, and any other relevant information specified by regulatory authorities.
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