Sec. 1. 9-B MRSA §814, sub-§1, ķA-1 is enacted to read:

A-1.__The superintendent shall establish criteria by rule under which a credit union that converts its field of membership to become a community-chartered credit union may retain in its field of membership, after such conversion, one or more groups or portions of groups that were included in the credit union's field of membership prior to the conversion.__The criteria must include the likely effect of continued service to such a group or portion of a group on the credit union's safety and soundness and the credit union's ability to provide service to such a group or portion of a group using its existing facilities.__Rules adopted pursuant to this paragraph are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.

SUMMARY

This bill requires the Superintendent of Financial Institutions to establish criteria by rule under which a credit union that converts its field of membership to become a community-chartered credit union may retain in its field of membership one or more groups or portions of groups that were included in the credit union's field of membership prior to the conversion.