Investment pilot program.

CFR · 2024-01-01 · US · Title 12

(a) Under the investment pilot program, NCUA will permit a limited number of Federal credit unions to engage in investment activities prohibited by this part but permitted by the Act. (b) Except as provided in paragraph (c) of this section, before a Federal credit union may engage in additional (1) Certification that the Federal credit union is “well-capitalized” under part 702 of this chapter; (2) Board policies approving the activities and establishing limits on them; (3) A complete description of the activities, with specific examples of how they will benefit the Federal credit union and how they will be conducted; (4) A demonstration of how the activities will affect the Federal credit union's financial performance, risk profile, and asset-liability management strategies; (5) Examples of reports the Federal credit union will generate to monitor the activities; (6) Projections of the associated costs of the activities, including personnel, computer, audit, and so forth; (7) Descriptions of the internal systems that will measure, monitor, and report the activities; (8) Qualifications of the staff and officials responsible for implementing and overseeing the activities; and (9) Internal control procedures that will be implemented, including audit requirements. (c) A third-party seeking approval of an investment pilot program must submit a request to the Director of the Office of Capital Markets and Planning that addresses the following items: (1) A complete description of th

official document · source cfr-2024 · id 12:§ 703.19