California Financial Code 16503 – No foreign (other nation) credit union may establish a branch office …
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No foreign (other nation) credit union may establish a branch office unless its deposit or share accounts are insured by the National Credit Union Administration or other insurer that is not unsatisfactory to the commissioner.
(Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)
Terms Used In California Financial Code 16503
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC