WASHINGTON — Banks will be allowed to continue with certain brokerage activities without having to register with the Securities and Exchange Commission, the agency voted yesterday, but credit unions were not included in those exemptions.

The exemptions include networking arrangements with broker-dealers, sweep accounts, investments undertaken for the credit union's own account or as a trustee or fiduciary and granting an additional exception for safekeeping and custodian activities. Credit unions were included in the SEC's 2004 proposal but not in the agency's latest updated proposal. The SEC rule is linked to the implementation of Financial Services Regulatory Relief Act of 2006 and the 1999 Gramm-Leach-Bliley Act, which indicated that financial institutions did not have to register with the SEC since they were not covered under GLBA.

CUNA has continuously urged SEC to include credit unions in the broker-dealer exceptions and says it will continue to appeal to the agency for regulatory relief. NAFCU and NACUSO have also made appeals as well. Meanwhile, the Federal Reserve Board is scheduled to meet for final approval of the SEC's rule on Sept. 24.