Nevada Administrative Code
Chapter 678 - Credit Unions
Section 678.020 - Surety bonds: Annual review; minimum coverage
Current through December 12, 2024
1. The board of directors of each credit union shall annually review the surety bond coverage it has in force in order to determine its adequacy in relation to the credit union's exposure to potential cash losses.
2. A credit union's minimum potential cash losses must be determined by the following table:
Assets | Minimum Coverage | ||
$0 | to | $5,000 | ..................................................................... $1,000 |
5,001 | to | 10,000 | ...................................................................... 2,000 |
10,001 | to | 20,000 | ...................................................................... 4,000 |
20,001 | to | 30,000 | ...................................................................... 6,000 |
30,001 | to | 40,000 | ...................................................................... 8,000 |
40,001 | to | 50,000 | ..................................................................... 10,000 |
50,001 | to | 75,000 | ..................................................................... 15,000 |
$75,001 | to | $100,000 | ..................................................................... $20,000 |
100,001 | to | 150,000 | ..................................................................... 30,000 |
150,001 | to | 200,000 | ..................................................................... 40,000 |
200,001 | to | 300,000 | ..................................................................... 50,000 |
300,001 | to | 400,000 | ..................................................................... 60,000 |
400,001 | to | 500,000 | ..................................................................... 70,000 |
500,001 | to | 750,000 | ..................................................................... 85,000 |
750,000 | to | 1,000,000 | ................................................................... 100,000 |
1,000,001 | to | 50,000,000 | ............ $100,000 plus $50,000 for each $1,000,000 or fraction thereof of assets over $1,000,000 |
$50,000,001 | to | $150,000,000 | ......... $2,500,000 plus $25,000 for each $1,000,000 or fraction thereof of assets over $50,000,000 |
Over $150,000,000.......................................................................................................... $5,000,000 |
3. Any credit union whose cash change funds exceed the amounts of minimum coverage required for a credit union of its size, as set forth in subsection 2, shall maintain surety bond coverage adequate to cover its actual potential cash loss.
Comm'r of Credit Unions, § B subsecs. 1 & 7, eff. 8-12-76; A and renumbered as § C subsecs. 1-3, 12-14-78
NRS 678.250, 678.260