Section 230-RICR-40-10-1.7 - Credit UnionsA. While R.I. Gen. Laws § 19-5-15(2)(i) may be construed to allow Credit Unions to invest in Derivative Transactions, it is the Department's position that Rhode Island state-chartered Credit Unions are only permitted to participate in Derivative Transactions subject to the conditions in §§ 1.7(B) and (C) of this Part. §§ 1.5 and 1.6 of this Part do not apply to Rhode Island state-chartered Credit Unions.B. Before engaging in or taking any affirmative step toward participating in Derivative Transactions, Rhode Island state-chartered Credit Unions shall obtain a non-objection letter and/or written approval from the Department and National Credit Union Administration ("NCUA").C. If a Rhode Island state-chartered Credit Union obtains approval and/or non-objection to participation in Derivative Transactions from both the Department and the NCUA, the Department may impose appropriate conditions necessary to confirm the Credit Union's ability to manage, monitor, and assess Credit Exposure related to participation in Derivative Transactions and ensure the safety and soundness of the Credit Union. 230 R.I. Code R. 230-RICR-40-10-1.7