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Washington
FHFA director plan may boost CU reps says CUNA
WASHINGTON (11/26/08) -- The Credit Union National Association (CUNA) welcomes any opportunity to enhance credit union representation on the Federal Home Loan Bank (FHLB) boards of directors and said a new Federal Housing Finance Agency (FHFA) interim final rule could help with that goal. The Housing and Economic Recovery Act enacted this year changed current rules that said the FHLB boards were to be comprised of elected directors and those who were appointed by the Federal Housing Finance Board, the predecessor to the FHFA. The new law authorized members of the FHLBs to elect these independent directors, and the FHFA interim final rule outlines the process for nominating and conducting the election of these directors. “Although not directly related to the issues addressed in the interim final rule, CUNA’s greatest concern with regard to the selection of FHLB directors is that the current process makes it very difficult for credit unions to be represented on these boards,” CUNA wrote in its comment letter. CUNA said that there are nearly 900 credit unions that are members of the twelve district FHLBs, but noted this represents only about 11% of the 8,100 financial institutions members. “Credit unions, as well as other groups that comprise a minority of the FHLB’s membership, deserve representation on these boards,” CUNA said. The letter noted that the rule requires a certain number of the independent directors, known as “public interest” directors, to have at least four years of personal experience in representing consumer or community interests in banking services, credit needs, housing, or consumer financial protections. “We believe credit union representatives would make ideal candidates for these positions, as credit unions are not-for-profit financial cooperatives whose mission is to serve their members by providing affordable financial services.” CUNA pointed out. Use the resource link below to read the CUNA’s complete comments.


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