Department of Commerce - General Provisions - Financial statements.


Published: 2018-11-26

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.

(A) Each credit union member shall be furnished, at least semiannually, a statement of accounts. Such statement shall clearly reflect all transactions involving the member's account during the previous accounting period. Any member, pursuant to request, shall receive within a reasonable time a statement reflecting the member's current outstanding balances in the member's account.

(B) A credit union shall display at all operating locations, copies of its current and previous month's financial statements. Such statements shall be posted in both a conspicuous and available manner, so as to be accessible for inspection by all members. A credit union may satisfy the requirements of this paragraph by posting the financial statements on its website. Should a credit union post the financial statements described in this paragraph on its website, the credit union shall make a physical copy of the statements available to a member upon request.