New Mexico Administrative Code

All state chartered banks otherwise subject to the Home Loan Protection Act, Sections 58-21A-1 to -14 NMSA 1978 (2003, as amended through 2004) ("Act").

Sections 58-1-54 and 58-1-34 NMSA 1978.

Permanent.

January 1, 2004, unless a later date is cited at the end of a section.

The objective of this part is to grant state chartered banks the same powers and authority to engage in banking activity that federally chartered and insured depository institutions subject to the jurisdiction of the federal government are authorized, empowered, permitted or othe…

A. Within the meaning of Sections 58-1-54 and 58-1-34 NMSA 1978, national banks, federal savings associations and federal credit unions operating in New Mexico are federally chartered and insured depository institutions subject to the jurisdiction of the federal government. B. Th…

State chartered banks are provided the same powers and authority granted to federal savings associations, national banks and federal credit unions as a result of the OTS, OCC and NCUA preemptions.

Financial Institutions Division of the Regulation and Licensing Department, Post Office Box 25101, Santa Fe, New Mexico 87504

All credit unions chartered by the state of New Mexico.

Section 58-11-3(C) NMSA 1978.

Five years beginning on the effective date.

October 31, 1997, unless a later date is cited at the end of a section or paragraph.

The objective of this part is to establish definitions of terms used in the Credit Union Act.

A. "Director" means the director of the financial institutions division of the regulation and licensing department. B. "Risk assets" as used in the act means all assets except the following categories: (1) cash on hand (includes foreign currency converted into U.S. dollar equival…

Financial Institutions Division of the Regulation and Licensing Department. Post Office Box 25101, Santa Fe, New Mexico 87504.

All credit unions chartered by the state of New Mexico.

Section 58-11-3(C) NMSA 1978.

Permanent beginning on the effective date.

October 31, 1997, unless a later date is cited at the end of a section or paragraph.

The objective of this part is to establish a definition of semi-annual reports and forms pursuant to Section 58-11-7(A) NMSA 1978.

[Reserved]

The issuing agency is responsible for ensuring that the requirements set forth in this part have been complied with.

State chartered credit unions who are insured pursuant to Title II of the Federal Credit Union Act [29 U.S.C. Section 1781 et seq.], shall file semi-annual and/or [sic] quarterly financial and statistical reports on NCUA 5300 forms pursuant to NCUA Rules and Regulations Part 741.…

Financial Institutions Division of the Regulation and Licensing Department. Post Office Box 25101, Santa Fe, New Mexico 87504.

All credit unions chartered by the state of New Mexico.

Section 58-11-3(C) NMSA 1978.

Permanent beginning on the effective date.

October 31, 1997, unless a later date is cited at the end of a section or paragraph.

The objective of this part is to establish a definition of the minimum fidelity bond requirements pursuant to Section 58-11-36(A)(2) NMSA 1978.

[Reserved]

The issuing agency is responsible for ensuring that the requirements set forth in this part have been complied with.

State chartered credit unions who [sic] are insured pursuant to Title II of the Federal Credit Union Act must possess the minimum fidelity bond coverage stated in Part 701.20 of the NCUA Rules and Regulations pursuant to Part 741.201(a).

Financial Institutions Division of the Regulation and Licensing Department, P. O. Box 25101, Santa Fe, New Mexico 87504.

All credit unions chartered by the State Of New Mexico.

Sections 58-11-3 & 58-11-38 NMSA 1978.

Permanent

August 14, 2000 unless a later date is cited in the history note at the end of a section.

The objective is to establish requirements for qualifying a person or firm to perform a comprehensive annual audit of the books and affairs of any credit union where an audit by a certified public accountant would cost 5% or more of the credit union's previous year's net income.

[RESERVED]

A. The supervisory committee of a qualified credit union [with concurrence by the board of directors] may show proof of exceeding the 5% standard and develop an alternate audit plan to utilize a person or firm that is not a certified public accountant or experienced in credit uni…

Financial Institutions Division of the Regulation and Licensing Department.

All state chartered credit unions otherwise subject to the Home Loan Protection Act, Sections 58-21A-1 to -14 NMSA 1978 (2004) ("Act").

Section 58-11-20 NMSA 1978.

Permanent.

March 31, 2004, unless a later date is cited at the end of a section.

The objective of this part is to grant state chartered credit unions the same powers and authority that federally chartered credit unions are authorized, empowered, permitted or otherwise allowed to exercise.

A. "Director" means the director of the financial institutions division of the regulation and licensing department. B. "Division" means the financial institutions division of the regulation and licensing department.

A. Section 58-11-20 NMSA 1978, authorizes the director to grant by regulation the powers and authority that federal credit unions are authorized, empowered, permitted or otherwise allowed to exercise under federal statutes, rules or regulations. B. The national credit union admin…

State chartered credit unions are provided the same powers and authority granted to federally chartered credit unions as a result of the NCUA Preemption.