Credit Union Investment Authority Act

This bill would change the Federal Credit Union Act to let federal credit unions invest in bonds, notes, and other debt issued by companies and organizations that are not limited to serving credit unions. A credit union could not invest more than 10 percent of its paid-in unimpaired capital and surplus in the debt of any one issuer. The bill would also allow federal credit unions to buy asset-backed securities. The National Credit Union Administration Board would have one year to issue rules for these purchases, including requirements on the minimum size of the issue, minimum total sale price, and investment grade of the securities.

Full text and official record on Congress.gov

Sponsors

• Janelle S. Bynum Democrat sponsor
• 2 cosponsors