California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 30 - Credit Unions
Article 6 - Books and Records
Section 30.602 - Retention of Books and Records

Universal Citation: 10 CA Code of Regs 30.602

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) The following books and records are to be retained permanently at the office of the credit union.

(1) Articles of incorporation, bylaws and amendments to the articles and bylaws.

(2) Certificate to act as a credit union, amendments thereto, and administrative orders of the Commissioner.

(3) Letters and other official instructions of a permanent character received from the Commissioner.

(4) Minutes of meetings of the members and board of directors.

(5) Members' subsidiary ledger accounts which have a balance remaining.

(b) Other books and records, except daily data processing print outs, shall be retained at the office of the credit union for a minimum of five (5) years after the close of the fiscal year for which the records were transcribed, including all of the following:

(1) General ledger and expense ledger.

(2) Journals, including the general journal and cash journal or other record of cash receipts and disbursements.

(3) Monthly financial reports required by Section 30.701 of this Chapter.

(4) Copies of the supervisory committee's audit reports.

(5) Members' subsidiary ledger accounts which were reduced to a zero balance during such fiscal year.

(6) Minutes of the supervisory committee and the credit committee.

(7) Paid checks or records of checks paid, and bank statements for the credit union's accounts.

(c) The records of a credit union shall be maintained in a form which is accessible to the inspection of the Commissioner.

(d) When necessary for the purposes of the California Credit Union Law, the Commissioner may direct a credit union to maintain its records for periods in addition to those prescribed in Subdivision (b) of this Section.

1. Change without regulatory effect renumbering and amending former section 953 to new section 30.602 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
2. Amendment of section heading, section and NOTE filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9).

Note: Authority cited: Section 14201, Financial Code. Reference: Section 14250, Financial Code.

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