§1444 Eligibility to Membership in Banks

Summary

State-chartered organizations that are inspected and regulated by the State can join under these federal rules if they meet three things. They must be formed only to lend to their members; their members must be only certain types of savings or loan groups (either a group of building-and-loan, savings-and-loan, cooperative, and homestead associations, or only savings banks); and, for those types located in the State, a majority of them must be members. If those conditions are met, the organization counts as a member for all purposes under these rules, though the Director may impose extra rules.