§ 16512 Foreign Credit Union Rules

This law says that if a rule about a foreign credit union’s branch clashes with any other state rule, the foreign‑credit‑union rule wins and the other rule is ignored.

Key Takeaways

•Only affects foreign (non‑U.S.) credit unions that have a branch or facility here.
•When their rules conflict with any other state rule, the foreign‑credit‑union rule is the one that counts.
•The conflicting state rule does not apply to that foreign credit union’s branch.

Example

A bank from another country opens a branch in the state and wants to charge a fee that state law normally bans for local banks.

Because the foreign‑credit‑union rule says it can charge that fee, the state law that says it can’t is set aside for that branch.

Whenever any provision of this chapter or of any regulation or order issued under this chapter that is applicable to or with respect to a foreign (other nation) credit union that maintains a branch office or facility is inconsistent with any provision of any other chapter of this division, the former provision applies, and the latter provision does not apply. (Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)

This law says that if a rule about a foreign credit union’s branch clashes with any other state rule, the foreign‑credit‑union rule wins and the other rule is ignored.

Key Takeaways

•Only affects foreign (non‑U.S.) credit unions that have a branch or facility here.
•When their rules conflict with any other state rule, the foreign‑credit‑union rule is the one that counts.
•The conflicting state rule does not apply to that foreign credit union’s branch.

Example

A bank from another country opens a branch in the state and wants to charge a fee that state law normally bans for local banks.

Because the foreign‑credit‑union rule says it can charge that fee, the state law that says it can’t is set aside for that branch.

Key Takeaways

Example

Key Terms

References

§ 16512 Foreign Credit Union Rules

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References