Regulatory Alerts2009-12-03
Definition of Immediate Family for Purposes of the Louisiana Credit Union Law
The Louisiana Office of Financial Institutions issues a formal definition of “immediate family” to standardize membership eligibility for state-chartered credit unions. The interpretation explicitly includes spouses, parents, grandparents, children, grandchildren, siblings and their spouses, plus stepparents, stepchildren, stepsiblings, and adoptive relationships. Credit unions utilizing broad “blood or marriage” clauses must review their bylaws and obtain written Commissioner approval for any amendments aligning with this definition.
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