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HomeFinancial CodeDiv. 5Ch. 12Art. 7§ 16702 Foreign Credit Union Reports

§ 16702 Foreign Credit Union Reports

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 16702 Foreign Credit Union Reports

Foreign credit unions have to send any audit or exam reports they get to the state commissioner within 10 days, and also send any reply they write to those reports within 10 days.

Key Takeaways

  • •Foreign credit unions must file audit or examination reports with the commissioner.
  • •They have 10 days to do it, unless the commissioner allows more time.
  • •They also must file any written response to those reports within 10 days.

Example

A credit union in Mexico is audited and gets a report. It must mail a copy of that audit report to the state commissioner within 10 days. If the credit union writes a response to the audit findings, it must also mail that response within 10 days.

The law says the credit union must file the audit report and any response to it with the commissioner quickly—within 10 days—unless the commissioner gives extra time.

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

Official Source
View on CA.gov

§ 16702 Foreign Credit Union Reports

(a) Each foreign (other nation) credit union shall, within 10 days after receipt or within any extended time that the commissioner may specify, file with the commissioner a copy of any audit report obtained by, and of any examination report prepared for, the foreign (other nation) credit union. (b) Each foreign (other nation) credit union shall file with the commissioner a copy of any response made by the foreign (other nation) credit union to an audit or examination report referred to in subdivision (a) within 10 days after making the response or within any extended time that the commissioner may specify. (Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign (other nation) credit unionaudit reportexamination reportcommissioner

Related Statutes

  • § 16700 Foreign Credit Union Oversight
  • § 16701 Foreign Credit Union Examinations
  • § 16152 Foreign Credit Union Reports
  • § 16506 Foreign Credit Union Licensing
  • § 16511 Foreign Credit Union Offices

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16702.
View Official Source