{"data":{"id":"us/12-cfr-703.4","jurisdiction":"us","citation":"12 CFR 703.4","heading":"Recordkeeping and documentation requirements.","body":"(a) Federal credit unions with assets of $10,000,000 or greater must comply with all generally accepted accounting principles applicable to reports or statements required to be filed with NCUA. Federal credit unions with assets less than $10,000,000 are encouraged to do the same, but are not required to do so.\n(b) A Federal credit union must maintain documentation for each investment transaction for as long as it holds the investment and until the documentation has been audited in accordance with § 715.4 of this chapter and examined by NCUA. The documentation should include, where applicable, bids and prices at purchase and sale and for periodic updates, relevant disclosure documents or a description of the security from an industry-recognized information provider, financial data, and tests and reports required by the Federal credit union's investment policy and this part.\n(c) A Federal credit union must maintain documentation its board of directors used to approve a broker-dealer or a safekeeper for as long as the broker-dealer or safekeeper is approved and until the documentation has been audited in accordance with § 715.4 of this chapter and examined by NCUA.\n(d) A Federal credit union must obtain an individual confirmation statement from each broker-dealer for each investment purchased or sold.","path":["Title 12—Banks and Banking","CHAPTER VII—NATIONAL CREDIT UNION ADMINISTRATION","SUBCHAPTER A—REGULATIONS AFFECTING CREDIT UNIONS","PART 703—INVESTMENT AND DEPOSIT ACTIVITIES","Subpart A—General Investment and Deposit Activities"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"da2ccb82ea32eaa03a119da39386690b9e869ccfd71776dd9f16207fc934c66b","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-703.3","next":"us/12-cfr-703.5"},"notice":"GroundRules: Original legal text. Not legal advice."}