Credit Union Investment Authority Act
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Summary
This bill amends the Federal Credit Union Act to expand the investment authority of federally chartered credit unions. It permits credit unions to invest in corporate debt obligations (up to 10% of capital and surplus per issuer) and asset-backed securities, subject to regulatory requirements. The National Credit Union Administration Board is directed to issue regulations within one year establishing standards for asset-backed security purchases, including minimum issue size, aggregate sale price, and investment grade requirements.
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