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ALEXANDRIA, Va.–NCUA has issued an opinion today stating that federal credit unions can hold onto their Visa stock after the conversion of Visa USA to a subsidiary of Visa Inc.

“Given our understanding of the stock issuance…we conclude FCUs may receive and retain the Visa stock because it is a by-product of lending, a permissible activity for FCUs, and does not require FCUs to invest in an otherwise impermissible investment,” NCUA Associate General Counsel Sheila Albin wrote in the letter to Visa, Inc. General Counsel Joshua Floum.

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