Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1100 - Division of Credit Unions
Chapter 2 - State-Chartered Credit Unions
Section 20 CSR 1100-2.005 - Frequency of Credit Union Examinations

Universal Citation: 20 MO Code of State Regs 1100-2.005

Current through Register Vol. 49, No. 6, March 15, 2024

PURPOSE: This rule sets forth the frequency of credit union examinations and the factors the director may consider when determining the frequency of credit union examinations.

(1) The director of the Division of Credit Unions, or the director's agents, may examine a credit union at any time and shall have free access to all books, papers, securities, and other sources of information pertaining to the credit union.

(2) Qualifying credit unions, as determined by the director, shall be examined no less frequently than every eighteen (18) months. All other credit unions shall be examined annual-l y.

(3) The factors the director may consider, when determining whether or not a credit union may qualify for examinations less frequently than annually, may include:

(A) The credit union has been in operation for ten (10) years;

(B) The credit union has not been operating under a Net Worth Restoration Plan or Letter of Understanding and Agreement within the preceding twelve (12) months;

(C) The credit union has not been operating under an administrative order within the preceding twelve (12) months;

(D) The credit union has not experienced major changes in its balance sheet structure within the preceding twelve (12) months;

(E) The credit union has maintained a positive return on average assets;

(F) The credit union has not implemented any new programs with high risk to its balance sheet within the preceding twelve (12) months;

(G) The credit union has a net worth ratio of greater than seven percent (7%);

(H) The credit union has implemented an adequate asset liability management mechanism;

(I) The credit union has maintained accurate and current books and records;

(J) The tenure and quality of the credit union's management;

(K) General economic conditions.

*Original authority: 370.120, RSMo 1939, amended 1945, 1945, 1949, 1955, 1959, 1972, 2002.

Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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