(1) A credit union shall establish and maintain a regular reserve for contingencies. The Director of the Department of Consumer and Business Services may adopt rules prescribing:
(a) Minimum net worth requirements for credit unions; and
(b) Actions a credit union must take when the net worth of the credit union falls below the applicable minimum net worth requirement.
(2) In addition to the regular reserve required in subsection (1) of this section, a credit union shall establish a reserve for loan losses in accordance with generally accepted accounting principles issued by the Financial Accounting Standards Board or a successor organization.