SECTION .0300 ‑ BASIC INTERNAL CONTROLS: BOOKKEEPING PROCEDURES AND OPERATION STANDARDS FOR STATE‑CHARTERED CREDIT UNIONS
04 NCAC 06C .0301 GENERAL PROVISIONS
(a) Internal controls, bookkeeping procedures, and operational standards reasonably adequate to safeguard the assets shall be established by all credit unions.
(b) Each credit union shall use the procedures in either the "Handbook and Accounting Manual for State Chartered Credit Unions" or the federal manuals "Accounting Manual for Federal Credit Unions," NCUA 8022, and the "Data Processing Guidelines for Federal Credit Unions," NCUA 8009. If the federal manuals are used, those portions in conflict with state law shall be modified to conform with state law. The Administrator shall be informed as to which manuals the Credit Union is using.
(c) At least 60 days before a credit union converts its records from a manual to an EDP system through an outside servicer or changes EDP services, a copy of the proposed contract and a description of the data processing system shall be submitted to the Administrator for review and approval. If an in‑house EDP system or the sponsoring company's EDP facilities are to be used, the Administrator should be notified in writing of the proposed change before extensive planning and system programming begins.
(d) Contracts and agreements, procedures and minimum data bases for EDP systems should conform with conditions as specified in the "Handbook and Accounting Manual for State Chartered Credit Unions" or NCUA 8009.
(e) Fully justified requests for modification of the rules and regulations in regard to the general provisions should be submitted in writing to the Administrator.
History Note: Authority G.S. 54‑109.12; 54‑109.16; 54‑109.17(a),(b);
Eff. February 1, 1976;
Amended Eff. November 1, 1977;
Readopted Eff. April 4, 1978.