Page:United States Statutes at Large Volume 112 Part 2.djvu/34

 112 STAT. 918 PUBLIC LAW 105-219—AUG. 7, 1998 "(1) DEFINITION OF WELL-DEFINED LOCAL COMMUNITY, NEIGHBORHOOD, OR RURAL DISTRICT. —The Board shall prescribe, by regulation, a definition for the term 'well-defined local community, neighborhood, or rural district' for purposes of—, "(A) making any determination with regard to the field of membership of a credit union described in subsection (b)(3); and "(B) establishing the criteria applicable with respect to any such determination. "(2) SCOPE OF APPLICATION.— The definition prescribed by the Board under paragraph (1) shall apply with respect to any application to form a new credit union, or to alter or expand the field of membership of an existing credit union, that is filed with the Board after the date of enactment of " the Credit Union Membership Access Act.". TITLE II—REGULATION OF CREDIT UNIONS SEC. 201. FINANCIAL STATEMENT AND AUDIT REQUIREMENTS. (a) IN GENERAL. —Section 202(a)(6) of the Federal Credit Union Act (12 U.S.C. 1782(a)(6)) is amended by adding at the end the following new subparagraphs: "(C) ACCOUNTING PRINCIPLES. — "(i) IN GENERAL.— Accounting principles applicable to reports or statements required to be filed with the Board by each insured credit union shall be uniform and consistent with generally accepted accounting principles. "(ii) BOARD DETERMINATION. — If the Board determines that the application of any generally accepted accounting principle to any insured credit union is not appropriate, the Board may prescribe an accounting principle for application to the credit union that is no less stringent than generally accepted accounting principles. "(iii) DE MINIMUS EXCEPTION. — This subparagraph shall not apply to any insured credit union, the total assets of which are less than $10,000,000, unless prescribed by the Board or an appropriate State credit union supervisor. "(D) LARGE CREDIT UNION AUDIT REQUIREMENT.— "(i) IN GENERAL.— Each insured credit union having total assets of $500,000,000 or more shall have an annual independent audit of the financial statements of the credit union, performed in accordance with generally accepted auditing standards by an independent certified public accountant or public accountant licensed by the appropriate State or jurisdiction to perform those services. "(ii) VOLUNTARY AUDITS. —If a Federal credit union that is not required to conduct an audit under clause (i), and that has total assets of more than $10,000,000 conducts such an audit for any purpose, using an independent auditor who is compensated for his or

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