HRS §412:10-503
Where credit unions can put their money
A credit union can put its money into a deposit or share account at another bank or credit union, but only if that institution is chosen by the credit union's board and its accounts are federally insured. This rule tells where credit unions are allowed to keep funds.
The statute, as written — Deposits made by credit unions
A credit union may deposit any of its funds in a deposit or share account with another depository institution; provided that the other depository institution has been designated a depository by the board of directors of the credit union and the accounts of the depository institutions are insured by the Federal Deposit Insurance Corporation, National Credit Union Share Insurance Fund or a successor agency.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.