(b)

1. (1) The credit committee or loan officer shall maintain detailed minutes and records of all meetings.

2. (2) At a minimum, the minutes or other appropriate credit union documents should show and include the following:

   1. (A) Date of meeting;
   2. (B) Members present at the meeting;
   3. (C) Collateral or security offered on each loan;
   4. (D) Appraised value of collateral or security offered;
   5. (E) Specific action taken on each loan considered; and
   6. (F) If a loan is disapproved, the reason or reasons for disapproval must be stated and the member notified in accordance with the Equal Credit Opportunity Act, 15 U.S.C. § 1691 et seq.