122.102 – FINANCIAL REPORTING; AUDITS. (a) A credit
Texas Finance Code § 122.102
Summary
This law mandates credit unions to adhere to specific financial reporting forms and accounting principles set by the commission. It also requires the board to conduct annual audits and report the findings to members, ensuring transparency and accountability.
Credit unions must follow prescribed financial reporting forms.
Annual audits are required and must be shared with members.
Boards can conduct supplementary audits as needed.
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In simple terms: Learn about Texas's FINANCIAL REPORTING; AUDITS. (a) A credit law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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