New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 97 - Investment In Credit Union Organizations
Section 97.7 - Examination of credit union organizations
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 97.7
Current through Register Vol. 46, No. 12, March 20, 2024
No credit union shall invest in or make loans to any credit union organization after the effective date of this Part, unless and until it has filed with the superintendent a letter agreement from the credit union organization which:
(a) states that the credit union organization is subject to the general supervision of the Banking Department;
(b) permits periodic examinations of the credit union organization, as the superintendent deems necessary; and
(c) states that the credit union will reimburse the Banking Department for the total cost of such examinations.
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