N.Y. Comp. Codes R. & Regs. Tit. 3 § 97.7 - Examination of credit union organizations

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.

Notes

N.Y. Comp. Codes R. & Regs. Tit. 3 § 97.7