Iowa Admin. Code r. 189-17.4 - Record keeping and documentation requirements

(1) State-chartered credit unions with assets of $10 million or greater must comply with generally accepted accounting principles (GAAP) in reports filed with the superintendent and maintained by the credit union. State-chartered credit unions with assets less than $10 million may comply with GAAP or other regulatory accounting principles in reports filed with the superintendent and maintained by the credit union.

(2) A credit union must maintain documentation for each investment transaction for as long as it holds the investment and until the documentation has been audited in accordance with Iowa Code section 533.208 or NCUA rules and regulations, 12 CFR Part 701.12, or both, and examined by the superintendent or the NCUA, or both. The documentation should include, where applicable, bids and prices at purchase and sale and for periodic updates, relevant disclosure documents or a description of the security from an industry-recognized information provider, financial data, and tests and reports required by the credit union's investment policy and these rules.

(3) A credit union must maintain documentation that its board of directors used to approve a broker-dealer or a safekeeper for as long as the broker-dealer or safekeeper is approved and until the documentation has been audited in accordance with Iowa Code section 533.208 or NCUA rules and regulations, 12 CFR Part 701.12, or both, and examined by the superintendent or the NCUA, or both.

(4) A credit union must obtain an individual confirmation statement from each broker-dealer for each investment purchased or sold.

Notes

Iowa Admin. Code r. 189-17.4

Amended by IAB October 5, 2022/Volume XLV, Number 7, effective 11/9/2022