The board must give its approval before the credit union permits a director, senior management employee, or member of the credit committee to act as comaker, guarantor, or endorser of a loan to a member if the amount of the loan or aggregate of outstanding loans to the comaker, guarantor, or endorser is greater than the sum of:
(1) $10,000 or a higher amount established by commission rule; and
(2) the amount of the shares and deposits pledged for the loan.