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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 180. Oklahoma State Credit Union Board |
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Chapter 10. Supervision, Regulation and Administration |
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Subchapter 5. Guidelines and Restrictions |
SECTION 180:10-5-3. Investment and deposits
Latest version.
- (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.