New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 17 - CREDIT UNIONS
Part 8 - RECORDS, ACCOUNTING SYSTEMS AND PROCEDURES
Section 12.17.8.7 - DEFINITIONS

Universal Citation: 12 NM Admin Code 12.17.8.7

Current through Register Vol. 35, No. 18, September 24, 2024

A. "Full and fair disclosure" means the level of disclosure which a prudent person would provide to a member of a credit union, the financial institutions division, the national credit union administration or, at the discretion of the board of directors, a creditor in order to fairly inform any or all of them of the financial condition and the results of operations of the credit union at any given time.

B. "Record maintenance and accounting systems and procedures" means the use of an accounting method provided for in the accounting manual for federal credit unions, which shall be either the modified cash basis or the accrual basis of accounting and the use of appropriate financial statements described in the accounting manual referenced above.

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