North Dakota Administrative Code
Title 13 - Department of Financial Institutions
Article 13-03 - Credit Unions
Chapter 13-03-06 - Credit Union Reserve Funds and Prompt Corrective Action
Section 13-03-06-03 - Calculation
Universal Citation: ND Admin Code ยง 13-03-06-03
Current through Supplement No. 392, April, 2024
The adequacy of the allowance for loan and lease loss account as required under North Dakota Century Code section 6-06-21 will be based upon generally accepted accounting principles and incorporate the credit union's credit risk rating system as outlined in section 13-03-06-05. The commissioner may require a credit union to put aside additional reserves when funding levels are deemed to be unsafe or unsound as set forth in North Dakota Century Code section 6-06-08.4.
General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-06-08.4, 6-06-21
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