On December 20, 2006, the National Credit Union Administration (NCUA) published a final rule amending its permissible investments rule to allow federal credit unions (FCU) to invest in first-lien mortgage note repurchase transactions, subject to certain limitations. See 12 C.F.R. Part 703. Current regulations prohibit FCUs from investing in first-lien mortgages other than to complete a pool of loans to be sold on the secondary market. The amendments expand FCU authority to invest in mortgage-related securities. The final rule is effective January 19, 2007.
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