Page:United States Statutes at Large Volume 112 Part 2.djvu/31

 PUBLIC LAW 105-219—AUG. 7, 1998 112 STAT. 915 "(B) the number of members, each of which (at the time the group is first included within the field of membership of a credit union described in this paragraph) does not exceed any numerical limitation applicable under subsection (d). "(3) COMMUNITY CREDIT UNION.—Persons or organizations within a well-defined local community, neighborhood, or rural district. " (c) EXCEPTIONS.— " (1) GRANDFATHERED MEMBERS AND GROUPS.— "(A) IN GENERAL.— Notwithstanding subsection (b)— "(i) any person or organization that is a member of any Federal credit union as of the date of enactment of the Credit Union Membership Access Act may remain a member of the credit union after that date of enactment; and "(ii) a member of any group whose members constituted a portion of the membership of any Federal credit union as of that date of enactment shall continue to be eligible to become a member of that credit union, by virtue of membership in that group, after that date of enactment. "(B) SUCCESSORS. —If the common bond of any group referred to in subparagraph (A) is defined by any particular organization or business entity, subparagraph (A) shall continue to apply with respect to any successor to the organization or entity. "(2) EXCEPTION FOR UNDERSERVED AREAS.—Notwithstanding subsection (b), in the case of a Federal credit union, the field of membership category of which is described in subsection (b)(2), the Board may allow the membership of the credit union to include any person or organization within a local community, neighborhood, or rural district if— "(A) the Board determines that the local community, neighborhood, or rural district— "(i) is an 'investment area', as defined in section 103(16) of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4703(16)), and meets such additional requirements as the Board may impose; and "(ii) is underserved, based on data of the Board and the Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act), by other depository institutions (as defined in section 19(b)(1)(A) of the Federal Reserve Act); and "(B) the credit union establishes and maintains an office or facility in the local community, neighborhood, or rural district at which credit union services are available. " (d) MULTIPLE COMMON-BOND CREDIT UNION GROUP REQUIREMENTS.— "(1) NUMERICAL LIMITATION. —Except as provided in paragraph (2), only a group with fewer than 3,000 members shall be eligible to be included in the field of membership category of a credit union described in subsection (b)(2).

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