Oklahoma Administrative Code
Title 180 - Oklahoma State Credit Union Board
Chapter 10 - Supervision, Regulation and Administration
Subchapter 1 - Department and Board Requirements
Section 180:10-1-5 - Bond requirements; schedule
Universal Citation: OK Admin Code 180:10-1-5
Current through Vol. 42, No. 1, September 16, 2024
(a) The following schedule shall be deemed as the minimum amount fixed by the Board for the bond provided in Title 6 O.S. Section 2010(B).
(1) Assets of $0 through $10,000; Minimum coverage equal to amount of assets.
(2) Assets of $10,001 through $4,000,000; Minimum coverage equal to the lesser of total assets or $250,000.
(3) Assets of $4,000,001 through $50,000,000; Minimum coverage equal to $100,000 plus $50,000 for each million or fraction thereof over $4,000,000.
(4) Assets of $50,000,001 through $500,000,000; Minimum coverage equal to $2,550,000 plus $10,000 for each million or fraction thereof over $50,000,000, to a maximum of $5,000,000.
(5) Assets over $500,000,000; Minimum coverage equal to one percent (1%) of assets, rounded to the nearest one hundred million, to a maximum of $9,000,000.
(b) No deductible may exceed 10% of the credit union's regular reserve unless the credit union creates a special segregated contingency reserve in the amount of the excess. Valuation allowance accounts (allowance for loan losses) may not be considered part of the reserve when determining the maximum deductible.
Amended at 26 Ok Reg 1413, eff 6-11-09
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