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(A) Currently operating financial institutions such as credit unions may obtain charters
as limited national banks to operate on a fractional reserve basis to grant loans within the local
community if they —
(1) apply to the Office of the Comptroller of
the Currency; and,
(2) meet the financial requirements imposed on commercial banks and the necessary policies,
procedures and regulations imposed by the Office of the Comptroller of the Currency; and,
(3) have a paid-up capital of at least five million dollars; and,
(4) grant, under these limited operating provisions, only loans secured by physical property.
(B) To meet the provisions of this section and to increase efficiency, several financial institutions
located within a Treasury Reserve District may, at their request, be combined into a single organization
or they may be allowed to operate in partnership with an existing bank.
Read Explanation and Details for Section 10. |