Financial Regulation and Credit Unions
Bill Name: Credit Union Investment Authority Act (HR 10082)
Purpose: To expand the investment authority of Federal credit unions.
Key Provisions:
Investments in Corporate Debt: Amends the Federal Credit Union Act to permit Federal credit unions to invest in general obligations of agencies, associations, or companies whose membership or ownership is not restricted solely to Federal credit unions.
Asset-Backed Securities Investment: Expands investment authority to include asset-backed securities (as defined under section 3(a) of the Securities Exchange Act of 1934).
Regulatory Requirements: Directs the National Credit Union Administration Board to issue implementing regulations within a year of enactment, covering minimum initial issue size, minimum aggregate sale price, and investment grade standards for asset-backed securities.