Ohio Admin. Code 1301:9-2-07.1 - Derivatives authority
A credit union may enter into certain derivatives transactions, pursuant to an approved derivatives program, exclusively for the purpose of reducing interest rate exposure.
(A)
"Approved derivatives program" means a program administered by an eligible
credit union that meets the criteria established in 12 C.F.R. Part 703, subpart
B, as in effect on June 25, 2021 and that the superintendent has approved in
accordance with the procedure set out in this rule.
(B) For the purpose of this rule, the
following terms contained in 12 C.F.R. Part 703, subpart B, as in effect on
June 25, 2021 shall have equivalent
meanings to their Ohio-specific counterparts:
(1) The term "federal credit union"
shall have
has the equivalent meaning of "credit
union."
(2) The terms "field
director," "field supervisor," "NCUA," "NCUA Board," and "regional director"
shall have the equivalent meaning of
"superintendent."
(C)
The superintendent shall approve or deny a credit union's application for
derivatives authority consistent with the procedure set out in 12 .C.F.R. Part
703, subpart B, as in effect on June 25, 2021.
(D) A credit union with derivatives authority
shall comply with the requirements of 12
C.F.R. Part 703, subpart B, as in effect on June 25, 2021.
(E) If the superintendent denies an
application for derivatives authority or for additional products or
characteristics, or revokes a derivatives authority or orders a credit union to
terminate existing derivatives positions, as described in 12 C.F.R. Part 703,
subpart B, as in effect on June 25, 2021, the superintendent shall notify the
credit union of the basis or reason for the denial, revocation, or termination
and the credit union may request a hearing in accordance with the provisions of
sections 119.01 to
119.13 of the Revised
Code.
Notes
Promulgated Under: 119.03
Statutory Authority: 1733.412
Rule Amplifies: 1733.30
Prior Effective Dates: 05/08/2019, 10/25/2022
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