New bipartisan bill aims to expand investment options for credit unions

Oregon Congresswoman Janelle Bynum is introducing bipartisan legislation aimed at expanding investment options for credit unions.

Bynum and Republican Congresswoman Young Kim of California introduced the Credit Union Investment Authorities Act.

The bill would allow federally chartered credit unions to invest in corporate bonds and asset-backed securities.

Supporters say that could help credit unions offer more competitive savings and loan products to their members.

The bill would also limit investments in a single issuer and give the national credit union administration authority to set safeguards.