This bill significantly expands the investment authority of Federal credit unions by amending the Federal Credit Union Act. It permits credit unions to invest in marketable obligations, bonds, notes, or other instruments of indebtedness of various entities, with a limit of 10 percent of paid-in unimpaired capital and surplus per issuer. Furthermore, the bill authorizes investments in asset-backed securities , as defined by the Securities Exchange Act of 1934. The National Credit Union Administration Board is mandated to issue regulations within one year of enactment, which must include specific requirements for purchasing these securities, such as criteria for the minimum issue size, aggregate sale price, and investment grade.