Nevada Administrative Code
Chapter 678 - Credit Unions
Section 678.020 - Surety bonds: Annual review; minimum coverage

Universal Citation: NV Admin Code 678.020

Current through February 27, 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

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