Okla. Admin. Code § 180:10-5-3

Current through Vol. 42, No. 3, October 15, 2024

Section 180:10-5-3 - Investment and deposits

(a) Each credit union must obtain and keep in file the most recent financial statement of any depository at which the credit union maintains a deposit in excess of the insured limit. It is the responsibility of the credit union to review said financial statement before making a deposit which would include uninsured funds.

(b) No national or state bank or trust company shall be approved as a depository for a given credit union if that credit union's deposit in that bank or trust company exceeds twenty percent (20%) of the bank or trust company's capital, surplus, and undivided profits (exclusive of their reserves and debentures).

(c) No savings association shall be approved as a depository for a given credit union if that credit union's deposit in that savings association exceeds twenty percent (20%) of the savings association's net worth.

(d) No bank, trust company, savings association, or credit union, will be approved as a depository unless its deposits or shares are insured by an agency of the federal government.

Okla. Admin. Code § 180:10-5-3

Amended at 26 Ok Reg 1413, eff 6-11-09