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Can you summarize 3 NYCRR Part 326?
Banking Organizations > Maintenance of Reserves by Credit Unions
Short Summary
The provided legal document content pertains to the maintenance of reserves by credit unions in New York. It defines the term ’net worth’ as the retained earnings balance of a credit union at the end of a quarterly period, including undivided earnings and appropriations of undivided earnings. The net worth does not include the allowance for loan and lease losses account. For low-income credit unions, net worth also includes secondary capital accounts that are uninsured and subordinate to other claims. The document references 12 CFR 702.2 for an alternative definition of net worth. Credit unions are required to establish and maintain net worth reserve accounts as mandated by federal law and regulations. The provisions of this document apply to all net worth reserve accounts required by credit unions. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Credit unions
What does it govern?
Maintenance of Reserves by Credit Unions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New York