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Rules & Regulations

Section 1.        Organization Of A State Chartered Credit Union

Organization

Section 5-17-2 of the Alabama Code states “Any seven residents of the State of Alabama may apply to the Administrator of the Alabama Credit Union Administration for permission to organize a credit union.”

In order to demonstrate a viable future for a proposed credit union, there should be a field of membership of not less than 500 potential members. These persons must show an interest and ability to support the proposed credit union including sponsor furnished quarters, data processing, volunteer management, etc. Sponsor subsidizes and voluntary management must continue until the credit union is able to sustain its own operations.

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