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WASHINGTON — This Thanksgiving will mark 14 years since a pivotal no-action letter from the Securities and Exchange Commission put in place requirements for networking broker-dealers from customer disclosure to the actual location of a firm’s securities activities emerged and would eventually have a huge impact in the credit union industry.

The letter in question is the SEC’s Nov. 24, 1993 Chubb Securities Corporation correspondence. A wholly-owned subsidiary of Chubb Life Insurance Company of America, CSC had proposed to enter into networking arrangements with credit unions, federal and state-chartered banks, savings banks and savings and loan associations to provide securities brokerage services on their premises to their members and customers as well as the general public.

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