§ 14858 Credit Union Insurance Requirement

Financial Code·California

AI SummaryVerified

This law says credit unions must have insurance to protect people's money. They can get this insurance from the government or another approved place.

Key Takeaways

•Credit unions must have insurance to protect your savings.
•The insurance can be from the government or another approved place.
•This insurance helps you get your money back if the credit union has problems.

Example

You save money in a credit union, like a small bank.

If the credit union has a problem and can't give your money back, the insurance will help you get your money.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 14858 Credit Union Insurance Requirement

Every credit union shall apply for and obtain insurance as provided for by Title II of the Federal Credit Union Act (12 U.S.C. Sec. 1781 and following), or other insurance or guaranty of shares that is not unsatisfactory to the commissioner. In seeking and retaining this insurance or guaranty, a credit union may do all things and assume and discharge all obligations required of it when not in conflict with the laws of this state. (Amended by Stats. 1998, Ch. 539, Sec. 33. Effective January 1, 1999.)

Last verified: January 11, 2026

Key Terms

credit union insurance Title II of the Federal Credit Union Act commissioner

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 14858.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References