---
kind: "section"
citation: "12 C.F.R. § 703.4"
title: "12"
number: "703.4"
heading: "Recordkeeping and documentation requirements."
url: "https://uscodex.org/cfr/12/703.4"
---

# §703.4. Recordkeeping and documentation requirements.

- (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.
- (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](/cfr/12/715.4.md) 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.
- (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](/cfr/12/715.4.md) of this chapter and examined by NCUA.
- (d) A Federal credit union must obtain an individual confirmation statement from each broker-dealer for each investment purchased or sold.

## Notes

### Amendments

[68 FR 32960, June 3, 2003, as amended at 69 FR 27828, May 17, 2004; 72 FR 30246, May 31, 2007]

### 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

[68 FR 32960, June 3, 2003, as amended at 69 FR 27828, May 17, 2004; 72 FR 30246, May 31, 2007]