(a) A credit union shall maintain an allowance for loan and lease loss account in accordance with generally accepted accounting principles.
(b) The balance of the allowance for loan and lease loss account shall include coverage for:
(1) Individually classified loans; and
(2) The historical reserve needs of the credit union.
Structure Maryland Statutes
Subtitle 7 - Miscellaneous Regulations
Section 6-701 - Required Insurance
Section 6-702 - Relevant Federal Provisions
Section 6-704 - Allowance for Loan and Lease Loss
Section 6-705 - Permitted Deposits and Investments
Section 6-706 - Service Organization
Section 6-707 - Credit Union Facilities
Section 6-708 - Power to Borrow
Section 6-709 - Change of Place of Business
Section 6-711 - Hours of Operation
Section 6-712 - Credit Unions With Assets of $300,000 or Greater; Annual Assessment
Section 6-713 - Member Insurance -- Notice to Commissioner