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Financial Code - FIN - FIN § 14350
Financial Code - FIN - FIN § 14350
The commissioner shall annually levy on and collect from credit unions holding certificates authorizing them to act as credit unions, pro rata on the basis of total assets, an assessment in a total amount that is sufficient in the commissioner’s opinion to (a) meet the expenses o
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Financial Code - FIN - FIN § 14351
Financial Code - FIN - FIN § 14351
(a) The amount of the annual assessment on any credit union holding a certificate authorizing it to act as a credit union shall be the greater of (1) two thousand dollars ($2,000) or (2) the sum of the products determined by multiplying (A) increments of the credit union’s total
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Financial Code - FIN - FIN § 14352
Financial Code - FIN - FIN § 14352
For purposes of the annual assessment, the total assets of a credit union holding a certificate authorizing it to act as a credit union shall be determined as of a date fixed by the commissioner. However, if a credit union does not hold a certificate authorizing it to act as a cr
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Financial Code - FIN - FIN § 14353
Financial Code - FIN - FIN § 14353
(a) Whenever the commissioner levies an annual assessment on credit unions holding certificates authorizing them to act as credit unions, the commissioner shall promptly mail or otherwise deliver to each credit union assessed an invoice that shows (1) the amount of the credit uni
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Financial Code - FIN - FIN § 14353.5
Financial Code - FIN - FIN § 14353.5
Whenever the commissioner finds it necessary or advisable to make an extra examination of a credit union, the commissioner may charge the credit union a fee for the examination. In determining the fee, the commissioner may use the estimated average hourly cost, including, but not
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Financial Code - FIN - FIN § 14354
Financial Code - FIN - FIN § 14354
There is established the Credit Union Fund in the State Treasury.
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Financial Code - FIN - FIN § 14355
Financial Code - FIN - FIN § 14355
All money received or collected by the commissioner under this division or any other law relating to credit unions or the credit union business shall be paid at least once each week, accompanied by a detailed statement thereof, into the State Treasury to the credit of the Credit
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Financial Code - FIN - FIN § 14356
Financial Code - FIN - FIN § 14356
All expenses of the department in administering this division and other laws relating to credit unions or the credit union business shall be paid out of the Credit Union Fund; and, except as otherwise provided in Section 413 or 414, the Credit Union Fund shall be used only for su
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Financial Code - FIN - FIN § 14380
Financial Code - FIN - FIN § 14380
There is established in the department a Credit Union Advisory Committee.
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Financial Code - FIN - FIN § 14381
Financial Code - FIN - FIN § 14381
The Credit Union Advisory Committee shall advise the commissioner and the Deputy Commissioner of Financial Protection and Innovation for the Office of Credit Unions on matters relating to credit unions or the credit union business.
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Financial Code - FIN - FIN § 14382
Financial Code - FIN - FIN § 14382
(a) The Credit Union Advisory Committee consists of seven members. (b) The members of the Credit Union Advisory Committee shall be appointed by the Secretary of Business, Consumer Services, and Housing. (c) The term of a member of the Credit Union Advisory Committee is two years.
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Financial Code - FIN - FIN § 14383
Financial Code - FIN - FIN § 14383
The Credit Union Advisory Committee shall meet at least once each calendar quarter.
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Financial Code - FIN - FIN § 14384
Financial Code - FIN - FIN § 14384
The commissioner may by order or regulation prescribe rules governing the Credit Union Advisory Committee and its members, including such matters as meetings, quorum, and actions.
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Financial Code - FIN - FIN § 1440
Financial Code - FIN - FIN § 1440
Any bank which delivers or has heretofore delivered to the State Treasurer pursuant to law any unclaimed or abandoned deposit shall not thereafter be liable to any person for the same and any action which may be brought by any person against a bank for money so delivered to the S
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Financial Code - FIN - FIN § 14400
Financial Code - FIN - FIN § 14400
(a) The equity capital of the credit union shall consist of the credit union’s regular reserve account, the undivided earnings account, any appropriated undivided earnings accounts, and other forms of capital approved by the commissioner. (b) The savings capital of a credit union
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Financial Code - FIN - FIN § 14401
Financial Code - FIN - FIN § 14401
A credit union may borrow money from any source in an aggregate amount not to exceed 50 percent of the paid-in and unimpaired capital and surplus of the credit union. Loans from the National Credit Union Central Liquidity Facility (12 U.S.C. Sec. 1795 et seq.) shall not be includ
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Financial Code - FIN - FIN § 14402
Financial Code - FIN - FIN § 14402
Every credit union may purchase and hold, either individually or jointly with other credit unions or affiliated organizations, a lot and building to be employed principally for the transaction of business, and to provide for future expansion of the facilities of those organizatio
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Financial Code - FIN - FIN § 14403
Financial Code - FIN - FIN § 14403
Every credit union may purchase and hold, either individually or jointly with other credit unions or affiliated organizations, furniture, fixtures, vaults, and other personal property necessary or proper to carry on its business, and to equip or furnish any space in any building
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Financial Code - FIN - FIN § 14404
Financial Code - FIN - FIN § 14404
A credit union shall not invest more than the amounts permitted pursuant to regulations which shall be promulgated by the commissioner for the investments set forth in Sections 14402, 14403, 14650 and 14651.
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Financial Code - FIN - FIN § 14405
Financial Code - FIN - FIN § 14405
Every credit union may: (a) (1) Become a member of any organization or organizations composed of credit unions, credit associations, chambers of commerce, financial institutions, community economic development entities, or business or trade organizations. (2) Become a member of a
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Financial Code - FIN - FIN § 14406
Financial Code - FIN - FIN § 14406
The savings capital, as defined in Section 14400, undivided profits, and reserve funds of a credit union shall be deposited only in the following: (a) Commercial banks or trust companies, incorporated under the laws of this state. (b) National banks doing business in this state.
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Financial Code - FIN - FIN § 14407
Financial Code - FIN - FIN § 14407
(a) Whenever the losses of any credit union resulting from a depreciation in the value of its securities or otherwise exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due its shareholders, the credit union may,
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Financial Code - FIN - FIN § 14408
Financial Code - FIN - FIN § 14408
No credit union shall make any gift or donation having a value in excess of twenty-five thousand dollars ($25,000) unless the gift or donation is in the best interest of the credit union, is approved by a resolution of the board of directors and is in conformance with any regulat
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Financial Code - FIN - FIN § 14409
Financial Code - FIN - FIN § 14409
(a) Every credit union shall obtain adequate bond or insurance coverage, for each director, officer, supervisory committee member, audit committee member, and credit committee member, for the credit manager, and for each employee. (b) The commissioner may adopt regulations settin
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Financial Code - FIN - FIN § 14409.2
Financial Code - FIN - FIN § 14409.2
(a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 2947 of the Penal Code, any credit union or officer or employee thereof may deliver fingerprints taken of an applicant for employment by the credit union to local, state, or federal