Ohio Administrative Code|Rule 1301:9-2-07.1 | Derivatives authority.

                                                
A credit union may enter into certain derivatives
		transactions, pursuant to an approved derivatives program, exclusively for the
		purpose of reducing interest rate exposure. 
(A) "Approved derivatives program" means a
		  program administered by an eligible credit union that meets the criteria
		  established in 12 C.F.R. Part 703, subpart B, as in effect on January 31, 2014
		  and that the superintendent has approved in accordance with the procedure set
		  out in this rule.
(B) For the purpose of this rule, the following terms
		  contained in 12 C.F.R. Part 703, subpart B, as in effect on January 31, 2014
		  shall have equivalent meanings to their Ohio-specific
		  counterparts:
(1) The term "federal credit union" shall have
			 the equivalent meaning of "credit union."
(2) The terms "field director," "field
			 supervisor," "NCUA," "NCUA Board," and "regional
			 director" shall have the equivalent meaning of
			 "superintendent."
(C) The superintendent shall approve or deny a credit
		  union's application for derivatives authority consistent with the
		  procedure set out in 12 .C.F.R. Part 703, subpart B, as in effect on January
		  31, 2014. 
(D) A
		  credit union with derivatives authority shall comply with the requirements of
		  12 C.F.R. Part 703, subpart B, as in effect on January 31, 2014.
(E) If the superintendent denies an application for
		  derivatives authority or for additional products or characteristics, or revokes
		  a derivatives authority or orders a credit union to terminate existing
		  derivatives positions, as described in 12 C.F.R. Part 703, subpart B, as in
		  effect on January 31, 2014, the superintendent shall notify the credit union of
		  the basis or reason for the denial, revocation, or termination and the credit
		  union may request a hearing in accordance with the provisions of sections
		  119.01 to 119.13 of the Revised Code.