1. 1. Except as otherwise provided in subsection 3, each credit union shall establish and maintain a regular reserve account in accordance with the requirements of 12 C.F.R. Part 702 which are applicable to federally insured state-chartered credit unions. A credit union that is insured by a private insurer shall give notice to or seek approval from the Commissioner under any circumstances in which a federally insured credit union is required to give such notice or seek such approval from the National Credit Union Administration.
2. 2. In addition to the regular reserve account required by subsection 1, each credit union shall establish special reserves in accordance with the requirements of NRS 672.680.
3. 3. Except as otherwise prohibited by the Commissioner, if the board of directors of a credit union determines it is necessary or desirable, the board may establish a reserve account which exceeds the minimum required pursuant to subsection 1.

(Added to NRS by 1975, 387; A 1977, 891; 1983, 1641, 1835, 2018; 1987, 2018; 2025, 1258)