750 Ind. Admin. Code 3-3-5

Current through October 31, 2024

Section 750 IAC 3-3-5 - Basis of formula for reserve for risk assets

Authority: IC 28-1-2-7

Affected: IC 28-7-1-24

Sec. 5.

The formula described in Section 3 [ 750 IAC 3-3-3] of this regulation is based upon a similar formula for regular reserves established in the Federal Credit Union Act (12 U.S.C. 1762) , as amended, and is based on a study performed for Congress by the National Credit Union Administration, the Federal insuring agency for credit unions. As such, this formula is deemed prudent by the Department and can reasonably be expected to protect the members of the credit unions to which this regulation [ 750 IAC 3-3 ] pertains.

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750 IAC 3-3-5

Department of Financial Institutions; Reg No CU-2, Sec 5; filed Jan 29, 1979, 2:54 pm: 2 IR 312; readopted filed Nov 5, 2001, 2:59 p.m.: 25 IR 939; readopted filed Nov 28, 2007, 2:57 p.m.: 20071226-IR-750070649RFA

IAC citation in Indiana Register is incorrectly cited as 750 IAC 3-2-5.