Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NEW: CUNA-backed Senate Bill Introduced to Expand CU Access to FHLB System
WASHINGTON (12/12/13)--Sens. Sherrod Brown (D-Ohio) and Rob Portman (R-Ohio) introduced bipartisan legislation today intended to make it easier for privately insured credit unions to offer loans through the Federal Home Loan Bank (FHLB) system.
 
Currently, privately insured credit unions are unable to gain access to the FHLB system, which prevents them from receiving secured loans to make mortgage, small business, and other economic-development loans to their members.
 
Brown said that expanding the eligibility of the FHLB system to privately insured credit unions is long-overdue.  "By providing these financial intuitions with the ability to join the federal home loan bank system, we help these community institutions keep more local dollars invested in local communities."
 
The legislation is supported by the Credit Union National Association and the Ohio Credit Union League.
 
Brown and Portman said their legislation would provide more than 150 privately insured credit unions in nine states--including their own--access to additional forms of liquidity through membership in the FHLB system. The current prohibition on these institutions' participation stems from a 1989 statutory change that expanded FHLB membership only to commercial banks and federally insured credit unions.

The FHLB system is comprised nationally of 12 banks and more than 8,000 member institutions.


RSS





print
News Now LiveWire
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
1 hour ago
#creditunions, members share #databreach stories with media http://t.co/hGsnpkov8R
1 hour ago
.@CUCB #Creditunion #CherryBlossom Run registration transfer period is 2/1 - 2/28. Read more here: http://t.co/wup6XPWtcC 2of2
2 hours ago
.@CUCB CU Cherry Blossom Run organizers say accepted runners who can't race can transfer registratrion to runners who didn't get in. 1of2
2 hours ago
Jobless claims drop to lowest level since 2000 http://t.co/ywyVpWJT1x @USDOL #unemployment #workforce #labor
2 hours ago