Section 30.406 - Reserve and Capital Requirements: NCUA-Insured Institutions(a) As used in this Section, "credit union" means a credit union the share accounts of which are insured by the National Credit Union Share Insurance Fund.(b) A credit union is not subject to Sections 30.404 and 30.405, but remains subject to Financial Code Section 14700.(c) A credit union shall maintain its equity capital at a level at least equal to the minimum net worth ratio specified for the net worth category of an adequately capitalized credit union, as defined in the Prompt Corrective Action regulations of the National Credit Union Administration (12 C.F.R. Section 702.1et seq.)Cal. Code Regs. Tit. 10, § 30.406
1. New section filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9). Note: Authority cited: Section 14201, Financial Code. Reference: Sections 14400 and 14700, Financial Code, Part 702 (commencing with Section 702.1) of Title 12 of the Code of Federal Regulations.
1. New section filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9).