Regulation Needed to Protect Credit Union Investment Programs from 'Whimsical' Interpretation
CARLSBAD, Calif. — To protect credit union investment programs from the "whimsical interpretation by the various state securities regulators," a regulation is sorely needed that would put them on par with banks.
That would top the regulatory wish list for Mark Hoaglin, president/CEO of XCU Capital Corp., the credit union-owned broker/dealer that serves nearly 30 credit unions. The Securities and Exchange Commission had set a July 2 deadline to finalize Regulation R, which was initially known as Regulation B and allowed credit unions to enter into the same networking arrangements with broker-dealers that banks can, sweep deposit accounts into no-load money market funds under the same terms as banks and to buy and sell securities for investment purposes for themselves, or for accounts for which they act as trustee or fiduciary.
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