(a) A District credit union may invest in:
(1) Securities, obligations, or other instruments issued by, or fully guaranteed as to principal and interest by, the United States or any agency or instrumentality thereof;
(2) Trusts established for investing directly or collectively in the United States or any agency or instrumentality thereof;
(3) Securities, obligations, or other instruments of the District, any state, the Commonwealth of Puerto Rico, and the several territories organized by Congress;
(4) Securities, obligations, and other instruments that are backed by the full faith and credit of a political subdivision of a state or of a territory organized by Congress;
(5) Shares, deposits, share certificates, certificates of deposit, obligations, or other accounts of insured financial institutions organized under District or federal law;
(6) Shares, deposits, or loans to insured District credit unions, federal credit unions, foreign credit unions, or corporate credit unions;
(7) Deposits in, loans to, or shares of any Federal Reserve Bank or of any central liquidity facility established under District or federal law;
(8) Shares, stocks, deposits in, loans to, or other obligations of any credit union service organization in a total amount not exceeding 10% of the District credit union's capital and deposits;
(9) Shares of a cooperative society organized under the laws of the District, another state, or the United States in which the District credit union has some type of membership relationship in a total amount not to exceed 10% of the capital and deposits of the District credit union;
(10) Stocks of corporations, not to exceed 5% of the credit union's capital and deposits;
(11) Bonds or other obligations of corporations organized in the District, any state, the Commonwealth of Puerto Rico, or a territory organized by Congress; provided, that these investments are limited to bonds or other obligations rated among the 3 highest ratings established by one or more national rating service of corporate securities designated by the issuer;
(12) Participation loans with other District credit unions, federal credit unions, foreign credit unions, credit union-owned organizations, or other organizations existing primarily to serve credit unions or their members;
(13) Fixed assets, subject to rules promulgated by the Commissioner;
(14) Shares, obligations, and loans to a credit union trade association, or an organization owned by a credit union trade association organized under District law or the laws of the United States in a total amount not to exceed 10% of the capital and deposits of the District credit union;
(15) Mortgages, securities, obligations, bonds, and stock of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or other government sponsored enterprises as defined in section 3(8) of the Congressional Budget and Impoundment Control Act of 1974, approved July 12, 1974 (104 Stat. 1388; 2 U.S.C. § 622(8));
(16) Participations or obligations that have been subjected by one or more government agencies to a trust or trusts for which an executive department, agency, or instrumentality of the United States has been named to act as trustee;
(17) Common trust or mutual funds whose investment portfolios consist of securities permitted for purchase by credit unions; and
(18) A charitable donation account pursuant to a policy adopted by the board of directors.
(b)(1) In addition to the investments authorized in subsection (a) of this section, a District credit union may seek, by written application, the Commissioner's approval for:
(A) An investment that is not authorized in subsection (a) of this section but is for purposes identified in this subchapter; or
(B) An investment of a type that is authorized by subsection (a) of this section but that exceeds the monetary threshold in subsection (a) of this section for that type of investment.
(2) The Commissioner shall approve an application for a District credit union investment described in paragraph (1) of this subsection, if the Commissioner determines that:
(A) The investment will benefit the members of the District credit union; and
(B) The investment does not create any safety or soundness implications for the District credit union.
(c) If the status or form of the District credit union's investment changes during the life of the investment, the District credit union may continue to hold and maintain the investment regardless of the change.
(d) This section does not apply to funds invested in the District credit union's employee benefits plan. A District credit union investing to fund an employee benefits plan obligation shall not be subject to the investment limitations of this section if the investment is directly related to the District credit union's obligation under the employee benefit plan and the District credit union holds the investment only for so long as it has an actual or potential obligation under the plan.