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Can you summarize TNRR 0180-10?
Financial Institutions > Investments by State-Chartered Credit Unions
Short Summary
This document, part of the Rules and Regulations of the State of Tennessee, specifically addresses the investments made by state-chartered credit unions. It provides definitions for various terms related to investments, such as ‘security,’ ‘standby commitment,’ ‘cash forward agreement,’ ‘repurchase transaction,’ ‘reverse repurchase transaction,’ ‘futures contract,’ ‘settlement date,’ ‘maturity date,’ ‘adjusted trading,’ ’trade date,’ ‘short sale,’ and ‘market price.’ The document sets limitations on cash forward contracts, prohibits standby commitments, and outlines requirements for repurchase transactions and reverse repurchase transactions. It also prohibits adjusted trading, short sales, and the purchase or sale of futures contracts by credit unions. Additionally, the document emphasizes that all purchases and sales of securities must be made at market price. It concludes by stating that credit unions must adopt a written investment policy and review all outstanding contract positions regularly. The document does not mention any specific penalties for non-compliance or violations.
Whom does it apply to?
State-chartered credit unions in Tennessee
What does it govern?
Investments by State-Chartered Credit Unions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Penalties are not mentioned in the document.
Jurisdiction
Tennessee