189—17.10(533) Monitoring nonsecurity investments.

1. 17.10(1)  At least quarterly, a credit union must prepare a written report listing all of its shares and deposits in banks, credit unions, and other depository institutions, that have one or more of the following features:

   1. a. Embedded options;
   2. b. Remaining maturities greater than three years; or
   3. c. Coupon formulas that are related to more than one index or are inversely related to, or are multiples of, an index.
2. 17.10(2)  The requirement of 17.10(1) does not apply to shares and deposits that are securities.
3. 17.10(3)  If a credit union does not have an investment-related committee, then each member of its board of directors must receive a copy of the report described in 17.10(1). If a credit union has an investment-related committee, then each member of the committee must receive a copy of the report, and each board member must receive a summary of the information in the report.