ASSETS WHICH MAY BE PLEDGED.

SEC. 716. ASSETS WHICH MAY BE PLEDGED. (a) In General.— Section 121 of the Federal Credit Union Act (12 U.S.C. 1767) is amended by adding at the end thereof the following new subsection: “(b) Any Federal credit union, upon the deposit with it of any funds by the Federal Government, an Indian tribe, or any State or local government or political subdivision thereof as otherwise authorized by this Act, is authorized to pledge any of its assets securing the payment of the funds so deposited.”. (b) Conforming Amendment.— Section 121 of the Federal Credit Union Act (12 U.S.C. 1767) is amended by striking out “Each” in the first sentence and inserting in lieu thereof “(a) Each”.