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ALEXANDRIA, Va. — The NCUA Board voted to give federal credit unions the authority to participate in repurchase transactions in which the instruments are comprised of first-lien mortgages at its monthly board meeting last week.

Federal credit unions have been permitted by the Federal Credit Union Act to invest in mortgage-backed and mortgage-related securities pursuant to the Securities Act of 1933, but NCUA has limited that authority through regulation. The current rule only permits federal credit unions to purchase mortgages notes of its members or those needed to complete a pool.

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