Iowa Admin. Code r. 189-17.12
Current through Register Vol. 47, No. 11, December 11, 2024
Rule 189-17.12 - Monitoring securities(1) At least monthly, a credit union must prepare a written report setting forth, for each security held, the fair value and dollar change since the prior month end, with summary information for the entire portfolio.(2) At least quarterly, a credit union must prepare a written report setting forth the sum of the fair values of all fixed and variable rate securities held that have one or more of the following features:b. Remaining maturities greater than three years; orc. Coupon formulas that are related to more than one index or are inversely related to, or are multiples of, an index.(3) When the amount calculated in 17.12(2) is greater than a credit union's net worth, the report described in that subrule must provide a reasonable and supportable estimate of the potential impact, in percentage and dollar terms, of an immediate and sustained parallel shift in market interest rates of plus and minus 300 basis points on: a. The fair value of each security in the credit union's portfolio;b. The fair value of the credit union's portfolio as a whole; andc. The credit union's net worth.(4) If the credit union does not have an investment-related committee, then each member of its board of directors must receive a copy of the reports described in 17.12(1) through 17.12(3). If the credit union has an investment-related committee, then each member of the committee must receive copies of the reports, and each member of the board of directors must receive a summary of the information in the reports.Iowa Admin. Code r. 189-17.12