New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 17 - CREDIT UNIONS
Part 8 - RECORDS, ACCOUNTING SYSTEMS AND PROCEDURES
Section 12.17.8.9 - DISCLOSURE AND ACCOUNTING

Full and fair disclosure is the level of disclosure a prudent person would provide to a member of a credit union, NCUA, this division or a creditor in order to fairly inform them of the financial condition and the results of operations. While it is one consideration when deciding on the amount to set aside in a reserve, fair representation is also a component when making appropriate board policies and procedures, implementing relevant corrective action requests and/or securing adequate credit commitments for the credit union.