The NCUA Board approved three new proposed rules at its monthly meeting on Thursday, including a rule that would give credit unions greater parity with banks when it comes to securitizing assets.
According to the board action memorandum, a new proposed asset securitization rule "clarifies that a federal credit union is authorized to securitize loans that it has originated, as an activity incidental to the business for which a federal credit union is chartered, provided the transaction meets certain requirements."
A second proposed rule would retain the safe harbor for financial assets transferred in connection with securitizations.
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