Financial condition requirement for depository institutions and CDFI credit unions.

CFR · 2024-01-01 · US · Title 12

(a) (1) (2) (i) The most recent independent audit of the applicant conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the applicant; (ii) The most recent independent audit of the applicant's parent holding company conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the consolidated holding company but not on the applicant separately; (iii) The most recent directors' examination of the applicant conducted in accordance with generally accepted auditing standards by a certified public accounting firm; (iv) The most recent directors' examination of the applicant performed by other external auditors; (v) The most recent review of the applicant's financial statements by external auditors; (vi) The most recent compilation of the applicant's financial statements by external auditors; or (vii) The most recent audit of other procedures of the applicant. (3) (4) (5) (b) (1) (2) (3) (A) (B) (C) (ii) For applicants that are not required to report financial data to their appropriate regulator on a quarterly basis, the information required in paragraph (b)(3)(i) of this section may be reported on a semi-annual basis. (iii) An applicant that is a CDFI credit union or a non-federally-insured credit union must meet the performance trend criteria in paragraph (b)(3)(i) of this section irrespective of its composite regulatory examination r

official document · source cfr-2024 · id 12:§ 1263.11