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WASHINGTON — When the Securities and Exchange Commission voted on Sept. 21 to approve a rule that would allow banks to continue with certain brokerage activities without having to register with the agency, it looked like credit unions were overlooked.

At issue is what the SEC has called, after “eight years of stalled negotiations and impasse,” a vote to adopt the new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board of Governors of the Federal Reserve System followed suit on Sept. 24 allowing it and the SEC to adopt final joint rules.

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