3.2  Small Groups.
(a)  For purposes of implementing C.R.S. 11-30-103 (2), the Commissioner shall consider that small groups consisting of at least 1 but not more than 1,000 persons having a common bond of employment or association lack the potential membership to organize their own credit union and, therefore, may be accepted into the membership of an existing state-chartered credit union, provided that the following requirements are met:
(2)  The credit union is not receiving financial assistance from the National Credit Union Administration pursuant to 12 U.S.C. 1788, in effect as of October 22, 2004 April 13, 2007. Incorporation by reference of this federal statute does not include amendments to this federal statute made after October 22, 2004 April 13, 2007. The title and address of the division employee responsible for providing information regarding how the incorporated material may be obtained or examined is as follows:  Commissioner, Division of Financial Services, 1560 Broadway, Suite 1520950, Denver, Colorado 80202.  Any material that has been incorporated by reference in this rule may be examined at any state publications depository library.
4.2  Investments.
(c)  In accordance with C.R.S. 11-30-104 (1) (j), a credit union may make any investment authorized for a federal credit union under the Federal Credit Union Act, 12 U.S.C. 1757, and National Credit Union Administration Rules and Regulations, 12 C.F.R. parts 703 and 712, in effect as of October 22, 2004April 13, 2007.  Incorporation by reference of this federal law and these federal rules does not include amendments to this federal law and these federal rules made after October 22, 2004April 13, 2007. The title and address of the division employee responsible for providing information regarding how the incorporated material may be obtained or examined is as follows:  Commissioner, Division of Financial Services, 1560 Broadway, Suite 1520950, Denver, Colorado 80202.  Any material that has been incorporated by reference in this rule may be examined at any state publications depository library.
(g)  A corporate credit union may make any investment authorized under the National Credit Union Administration Rules and Regulations, 12 C.F.R. part 704.5, in effect as of October 22, 2004April 13, 2007.  Incorporation by reference of this federal rule does not include amendments to this rule made after October 22, 2004April 13, 2007.  The title and address of the division employee responsible for providing information regarding how the incorporated material may be obtained or examined is as follows:  Commissioner, Division of Financial Services, 1560 Broadway, Suite 1520950, Denver, Colorado 80202.  Any material that has been incorporated by reference in this rule may be examined at any state publications depository library. C.R.S. 11-30-104 (1) (d), (e) and (j)
4.3  Incidental Powers.
(a)  In accordance with C.R.S. 11-30-104(1)(i), a credit union may engage in any activity authorized for a federal credit union as an incidental power under the National Credit Union Administration Rules and Regulations, 12 C.F.R. part 721, in effect as of October 22, 2004April 13, 2007.  The activities covered by the National Credit Union Administration Rules and Regulations, 12 C.F.R. part 701.30, in effect as of April 13, 2007 are incidental powers for purpose of this rule. Incorporation by reference of these federal rules do not include amendments to these rules made after October 22, 2004April 13, 2007.  The title and address of the division employee responsible for providing information regarding how the incorporated material may be obtained or examined is as follows:  Commissioner, Division of Financial Services, 1560 Broadway, Suite 1520950, Denver, Colorado 80202.  Any material that has been incorporated by reference in this rule may be examined at any state publications depository library.
(b)  To engage in an activity that may be within a credit union’s incidental powers, pursuant to C.R.S. 11-30-104(1)(j), but does not fall within a category of activities referenced in subsection (a) of this rule, a credit union may submit an application for the prior written approval of the Commissioner.  The application shall be in such form and contain such information as prescribed by the Commissioner.  In approving an application, the Commissioner may establish such terms or conditions to the approval as necessary to ensure that any approved activity does not adversely impact the credit union.   C.R.S. 11-30-104(1)(i) and (j)
6.2  Establishment and Maintenance of Credit Union Books and Records.
(a)  Each credit union, credit union service organization, as that term is defined in 12 C.F.R. part 712 of the National Credit Union Administration Rules and Regulations, in effect as of October 22, 2004April13, 2007 or joint venture in which a credit union has an investment or loan thereto, shall establish and maintain such accounting and other records that will provide an accurate and complete record of all business it transacts.  Incorporation by reference of this federal rule does not include amendments to this federal rule made after October 22, 2004April 13, 2007. The title and address of the division employee responsible for providing information regarding how the incorporated material may be obtained or examined is as follows:  Commissioner, Division of Financial Services, 1560 Broadway, Suite 1520950, Denver, Colorado 80202.  Any material that has been incorporated by reference in this rule may be examined at any state publications depository library.
(b)  Credit unions shall maintain all books, records, accounting systems, and procedures in accordance with generally accepted accounting principles, except as may otherwise be approved in writing by the Commissioner. The board of directors of a credit union may utilize the National Credit Union Administration Accounting Manual For Federal Credit Unions, in effect as of October 22, 2004April 13, 2007 as guidance in the maintenance of its accounting records.   Incorporation by reference of this federal publication does not include amendments to this federal publication made after October 22, 2004April 13, 2007. The title and address of the division employee responsible for providing information regarding how the incorporated material may be obtained or examined is as follows:  Commissioner, Division of Financial Services, 1560 Broadway, Suite 1520950, Denver, Colorado 80202.  Any material that has been incorporated by reference in this rule may be examined at any state publications depository library.
6.4  Fixed Assets.
(a)  The definitions of terms used in this regulation are as follows:
 (6)  "Net worth ratio" means the ratio of the net worth of a credit union to its total assets as defined in 12 C.F.R. part 702 of the National Credit Union Administration Rules and Regulations, in effect as of October 22, 2004April 13, 2007.  Incorporation by reference of this federal rule does not include amendments to this rule made after October 22, 2004April 13, 2007.  The title and address of the division employee responsible for providing information regarding how the incorporated material may be obtained or examined is as follows:  Commissioner, Division of Financial Services, 1560 Broadway, Suite 1520950, Denver, Colorado 80202.  Any material that has been incorporated by reference in this rule may be examined at any state publications depository library.