1. A. As used in this Rule, and unless the content details otherwise, the following definitions apply.

   1. Application―those documents submitted in a form acceptable to the commissioner, along with all supporting information, requesting approval of a bylaw amendment that provides for a residential group common bond.
   2. Association―those individuals (natural persons) and/or groups (non natural persons) whose members participate in specific activities, share common goals and purposes; possess a charter, bylaws, or any other equivalent documentation that contains a specific definition of who is eligible for membership; conduct periodic meetings open to all members; and sponsor other activities which demonstrate that the members of the group meet to accomplish the goals and objectives of the association.
   3. Commissioner―the Commissioner of the Office of Financial Institutions.
   4. Field of Membership (FOM)―those persons and entities eligible for membership in the credit union.
   5. LOFI―Louisiana Office of Financial Institutions.

   6. Low Income Area―an area that includes any of the following (as reported in the most recently completed decennial census or equivalent government data):

      1. a. an area that wholly consists of or is wholly located within an empowerment zone or enterprise community in the state of Louisiana designated under Section 1391 of the IRC;
      2. b. an area where the percentage of the population living in poverty is at least 20 percent;
      3. c. an area in a metropolitan area where the median family income is at or below 80 percent of the metropolitan area median family income or the Louisiana median family income, whichever is greater;
      4. d. an area outside of a metropolitan area, where
         the median family income is at or below 80 percent of the state-wide non-Metropolitan area median family income, whichever is greater;
      5. e. an area where the unemployment rate is at least 1.5 times the national average;
      6. f. an area meeting the criteria for economic distress that may be established by the CDFIs of the U.S. Treasury Department.
   7. Residence Within―to live within a well-defined neighborhood, small community, or rural district.
   8. Residential Group Common Bond―a common bond created by residence within a well-defined neighborhood, small community, or rural district.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:121(B)(1).

Historical Note

HISTORICAL NOTE: Promulgated by the Office of the Governor, Office of Financial Institutions, LR 33:1629 (August 2007).