Credit Union Investment Authority Act

(a) In general. Section 107 of the Federal Credit Union Act (12 U.S.C. 1757) is amended in paragraph (15)—

(1) in subparagraph (B), by striking or at the end;

(2) by redesignating subparagraph (C) as subparagraph (D); and

(3) by inserting after subparagraph (B) the following subparagraph:

(b) Rulemaking. The National Credit Union Administration Board shall, not later than 1 year after the date of the enactment of this section issue regulations to carry out the amendments made by this section and such regulations shall include, with respect to the purchase of asset-backed securities by Federal Credit Unions, requirements relating to—

(1) the minimum size of the issue of the asset-backed securities at the time of initial distribution;

(2) minimum aggregate sale price of the asset-backed securities; and

(3) the investment grade of the asset-backed securities.