---
kind: "section"
citation: "12 C.F.R. § 703.105"
title: "12"
number: "703.105"
heading: "Reporting requirements."
url: "https://uscodex.org/cfr/12/703.105"
---

# §703.105. Reporting requirements.

- (a) **Board reporting.** At least quarterly, a Federal credit union's Senior Executive Officers must deliver a comprehensive Derivatives report, as described in [paragraph (c)](#c) of this section to the Federal credit union's board of directors.
- (b) **Senior Executive Officer and asset liability or similarly functioning committee.** At least monthly, Federal credit union staff must deliver a comprehensive Derivatives report, as described in [paragraph (c)](#c) of this section to the Federal credit union's Senior Executive Officers and, if applicable, the Federal credit union's asset liability or similarly functioning committee.
- (c) **Comprehensive Derivatives management report.** At a minimum, the reports required in paragraphs [(a)](#a) and [(b)](#b) of this section must include:
  - (1) Identification of any areas of noncompliance with any provision of this subpart or the Federal credit union's policies, and the planned remediation of such noncompliance;
  - (2) An itemization of the Federal credit union's individual transactions subject to this subpart, the current values of such transactions, and each individual transaction's intended use for Interest Rate Risk mitigation; and
  - (3) A comprehensive view of the Federal credit union's risk reports, including, but not limited to, Interest Rate Risk calculations with details of the transactions subject to this subpart.
- (d) [Reserved]
- (e) **Notification of noncompliance.** Notification of any noncompliance as part of the Derivatives management report required in [paragraph (c)(1)](#c-1) of this section must be submitted to the applicable Regional Director immediately after it has been submitted to the Federal credit union's board of directors.
- (f) **NCUA request.** The NCUA may, at any time, request the Derivatives management report required by [paragraph (c)](#c) of this section.

## Notes

### Amendments

[86 FR 28247, May 26, 2021, as amended at 91 FR 36076, June 16, 2026]

### Source

Source: 86 FR 28247, May 26, 2021, unless otherwise noted.

### Authority

Authority: 12 U.S.C. 1757(7), 1757(8), 1757(14) and 1757(15).

### Source

Source: 68 FR 32960, June 3, 2003, unless otherwise noted.

### Amendments

[86 FR 28247, May 26, 2021, as amended at 91 FR 36076, June 16, 2026]