§ 15352 Joint Federal Credit Union Audits

• •The state official can audit a federal credit union together with federal auditors.
• •After the audit, a certificate is sent to the federal regulator showing the findings.
• •The official can certify that moving assets and liabilities to a state credit union follows state law.
• •All audit costs are charged to the credit union.

A state regulator wants to see if a federal credit union can be taken over by a local credit union.

The regulator works with federal auditors to review the federal credit union's books. After the review, the regulator sends a report to the federal agency and says the transfer of assets and debts meets state rules. The audit expenses are then billed to the credit union.