By the Division of Banks
Final Amended Regulations - 209 CMR 43.00: Audit Requirements for Credit Unions
The Division of Banks has filed final amendments to 209 CMR 43.00: Audit Requirements for Credit Unions to make the regulation easier to understand, clarify the Auditing Committee’s responsibilities, and remove the requirement for the Auditing Committee to notify the Commissioner of Banks of their selected accountant. The amendments also raise the minimum threshold for needing an annual audit from $30 million to $50 million in assets, and make other changes. The amendments will become effective on July 18, 2014.