Iowa Admin. Code r. 189-17.9 - Safekeeping of investments
(1) A credit union's
purchased investments and repurchase collateral must be in the credit union's
possession, recorded as owned by the credit union through the Federal Reserve
Book Entry System, or held by a board of directors-approved safekeeper under a
written custodial agreement that requires the safekeeper to exercise, at least,
ordinary care.
(2) Any safekeeper
used by a credit union must be regulated and supervised by either the Securities
and Exchange Commission, a federal or state depository institution regulatory
agency, or a state trust company regulatory agency.
(3) A credit union must obtain and reconcile
monthly a statement of purchased investments and repurchase collateral held in
safekeeping.
(4) Annually, the credit
union must analyze the ability of the safekeeper to fulfill the safekeeper's
custodial responsibilities, as evidenced by capital strength, liquidity, and
operating results. The credit union should consider current financial data,
annual reports, external assessments of creditworthiness, relevant disclosure
documents, and other sources of financial information.
Notes
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