A credit union shall establish and maintain an allowance-for-loan-losses account in accordance with generally accepted accounting principles. The commissioner may order the credit union to increase the amount of its allowance-for-loan-losses account if the commissioner finds that the amount of the account is not adequate.
Cal. Fin. Code § 14703
Reserves
Known as the California Credit Union Law
The act spans §§ 14000–16906 (329 sections).
Amended by Stats. 2004, Ch. 324, Sec. 2
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.