Nebraska Statutes 21-17,104. Allowance-for-loan-losses account
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(1) A credit union shall establish an allowance-for-loan-losses account based upon reasonably foreseeable loan losses.
Terms Used In Nebraska Statutes 21-17,104
- Credit union: shall mean a cooperative, nonprofit corporation organized under the Credit Union Act for purposes of educating and encouraging its members in the concept of thrift, creating a source of credit for provident and productive purposes, and carrying on such collateral activities as are set forth in the act. See Nebraska Statutes 21-1705
- Loan: shall mean any extension of credit pursuant to a contract. See Nebraska Statutes 21-1714
(2) For purposes of calculating required transfers of income to the regular reserve account pursuant to sections 21-17,103 to 21-17,107, any balance in the allowance-for-loan-losses account may be included with the balance in the regular reserve account.