12 CFR 741.202 - Audit and verification requirements.

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§ 741.202 Audit and verification requirements.

(a) The supervisory committee of each credit union insured pursuant to title II of the Act shall make or cause to be made an audit of the credit union at least once every calendar year covering the period elapsed since the last audit. The audit must fully meet the applicable requirements set forth in part 715 of this chapter or applicable state law, whichever requirement is more stringent.

(b) Each credit union which is insured pursuant to title II of the Act shall verify or cause to be verified, under controlled conditions, all passbooks and accounts with the records of the financial officer not less frequently than once every 2 years. The verification must fully meet the requirements set forth in § 715.8 of this chapter.

[60 FR 58504, Nov. 28, 1995, as amended at 64 FR 41040, July 29, 1999]

Title 12 published on 2015-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 741 after this date.

  • 2015-09-23; vol. 80 # 184 - Wednesday, September 23, 2015
    1. 80 FR 57284 - Civil Monetary Penalty Inflation Adjustment
      GPO FDSys XML | Text
      Final rule.
      This rule is effective September 23, 2015.
      12 CFR Parts 740, 741, 747, and 796
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