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PenFed Sells $460 Million in Securities Backed by Auto Loans

Pentagon Federal Credit score Union headquarters. (Supply: AdobeStock)

Pentagon Federal Credit score Union introduced Monday it bought $460.three million in securities backed by prime auto loans — its first automotive ABS sale and the third amongst credit score unions.

PenFed of Tysons, Va. ($36.7 billion in belongings, 2.eight million members as of June 30) is the nation’s third-largest credit score union and the vendor of the most important batch of securities based mostly on credit score union auto loans.

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