CRED 7.1 Application, purpose and interpretation
This chapter applies to all credit unions.
- (1)
The rules and guidance contained in this chapter are designed to address risks that can arise from the structure of a credit union's balance sheet.
- (2)
These risks include the risk that a credit union's income is not sufficiently large to cover its funding, operational and other costs, and the risk that a credit union may not be able to renew or replace wholesale funding at an affordable rate.
For the purposes of this chapter:
- (1)
the maturity of a security or loan is the last or only date on which it shall be repayable by or under its terms; and
- (2)
surplus funds means funds not immediately required for a credit union's accepting deposits, lending and ancillary purposes.