Conn. Agencies Regs. § 36a-456-2
Current through October 16, 2024
The governing board of a Connecticut credit union may authorize the payment of interest refunds to members following the end of any annual, semi-annual or quarterly accounting period; provided (1) the Connecticut credit union has declared a dividend during such period, (2) the delinquency rate at the end of such period is less than five percent, and (3) reserves are sufficient to meet the following formula: R - D1(.1) + D2(.2) + D3(.8) where R = reserves, D1 = loans 2 to less than 6 months delinquent, D2 = loans 6 months to less than 12 months delinquent, and D3 = loans 12 or more months delinquent.
Conn. Agencies Regs. § 36a-456-2