Notification and application requirements.

CFR · 2024-01-01 · US · Title 12

(a) (1) The Federal credit union's most recent NCUA Management CAMEL component is a rating of 1 or 2; and (2) The Federal credit union has assets of at least $500 million as of its most recent call report. (b) (1) An Interest Rate Risk mitigation plan that shows how Derivatives are one aspect of the Federal credit union's overall Interest Rate Risk mitigation strategy, and an analysis showing how the Federal credit union will use Derivatives in conjunction with other on-balance sheet instruments and strategies to effectively manage its Interest Rate Risk; (2) A list of the Derivatives products and characteristics of such products the Federal credit union is planning to use; (3) Draft policies and procedures that the Federal credit union has prepared in accordance with § 703.106; (4) A description of how the Federal credit union plans to acquire, employ, and/or create the resources, policies, processes, systems, internal controls, modeling, experience, and competencies to meet the requirements of this subpart. This includes a description of how the Federal credit union will ensure that Senior Executive Officers, the board of directors, and personnel have the knowledge and experience in accordance with the requirements of this subpart; (5) A description of how the Federal credit union intends to use External Service Providers as part of its Derivatives program, and a list of the name(s) of and service(s) provided by the External Service Providers, as described in § 703.107 of t

official document · source cfr-2024 · id 12:§ 703.108