Cal. Code Regs. Tit. 10, § 30.302 - Confirmation of Accounts

Current through Register 2022 Notice Reg. No. 16, April 25, 2022

A credit union shall confirm its accounts at least annually, in accordance with Subdivision (a) or (b) of this Section:

(a) If the credit union does not comply with Subdivision (b) of this Section, the supervisory committee shall cause all the accounts of members to be confirmed with the members and the records of the credit union. The confirmation of members' accounts may be made by using either a negative method applied to 100 percent of the credit union's accounts or by using a positive method applied to a sample of the credit union's accounts derived by applying statistical sampling procedures. Within sixty (60) days after the date the accounts are confirmed, the supervisory committee shall report to the board of directors that the confirmation of accounts has been completed. The report shall contain complete details of any unreconciled exceptions and shall be signed by a majority of the members of the supervisory committee. The confirmation of accounts report and returned requests for confirmation shall be made available to the Commissioner upon request and retained by the committee until the next regulatory examination of the credit union's records is made by the Commissioner.
(b) If a credit union does not comply with Subdivision (a) of this Section, the credit union shall have its accounts confirmed as part of an audit made pursuant to Section 14252 of the Financial Code. In such a case, a report of the confirmation of accounts shall be included in the report of the audit. A form of statistical sampling of member's accounts in accordance with generally accepted auditing standards may be employed in lieu of a 100 percent confirmation.

Notes

Cal. Code Regs. Tit. 10, § 30.302

Note: Authority cited: Section 14201, Financial Code. Reference: Sections 14250,14252, 14255 and 14553, Financial Code.

1. Change without regulatory effect renumbering and amending former section 925 to new section 30.302 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
2. Amendment of section heading, section and Note filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9).

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