Current through Register Vol. 35, No. 11, June 11, 2024
Section 12.17.6.8 - INVESTMENTSA. Supplemental to Section 58-11-56(C) and (D) NMSA 1978, credit unions may invest funds not required to satisfy member loan demands in the following: (1) financial institutions that are insured by an agency of the federal government; and(2) credit unions, central credit unions or corporate credit unions that are insured by the national credit union administration.B. In the event that any portion of a deposit or investment account held by a credit union pursuant to Section 58-11-56(C) and (D) NMSA 1978 is not federally insured, the credit union shall analyze the credit quality of the issuing financial institution prior to making the deposit and record the credit quality decision in the records of the credit union.11/8/93; 9/30/97; Recompiled 10/15/01