12 CFR 741.202
§ 741.202 Audit and verification requirements.
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 741.202, § 741.202 Audit and verification requirements, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/48735
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Full text
(a) The supervisory committee of each credit union insured pursuant to title II of the Act shall make or cause to be made an audit of the credit union at least once every calendar year covering the period elapsed since the last audit. The audit must fully meet the applicable requirements set forth in part 715 of this chapter or applicable state law, whichever requirement is more stringent.
(b) Each credit union which is insured pursuant to title II of the Act shall verify or cause to be verified, under controlled conditions, all passbooks and accounts with the records of the financial officer not less frequently than once every 2 years. The verification must fully meet the requirements set forth in § 715.8 of this chapter.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.