Code of Maryland Regulations
Title 09 - MARYLAND DEPARTMENT OF LABOR
Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION
Chapter 09.03.01 - Credit Unions
Section 09.03.01.11 - Accounting Procedures and Records Retention
Current through Register Vol. 51, No. 6, March 22, 2024
A. A credit union shall maintain books and financial records that:
B. A credit union shall maintain at least the following types of financial records:
C. A credit union shall use the double entry accounting system.
D. A credit union shall ensure that its books and records are protected against destruction by fire or other calamity.
E. A credit union may use computer-stored financial data to keep its books and records, if it maintains an adequate off-premises back-up data file for use in the event of system failure resulting in destruction of the primary data file.
F. A credit union:
G. A credit union shall retain all of its accounting records, tapes, trial balances, books, ledgers, audits, share and deposit account records, and supporting documentation for a minimum of 5 years.
H. Credit unions shall use the accounting procedures contained in the "Standardized Accounting Manual for State Chartered Credit Unions", which is incorporated by reference. This manual is published by the National Association of Credit Union Supervisors.
I. Failure To Comply with this Regulation.