California Code, Financial Code - FIN § 14764

No credit union shall purchase any real or personal property or any interest in real or personal property, including, but not limited to, a leasehold, or any contract arising from the sale of real or personal property or any note or bond in which any officer, director, or employee of the credit union is personally or financially interested, directly or indirectly, for that person's own account or as the partner or agent of others, without first obtaining the written consent of the commissioner.