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The Federal Housing Finance Agency approved a NAFCU-sought, 60-day extension in the comment period on its proposed rule on membership criteria for the Federal Home Loan Banks, setting a new comment deadline of Jan. 12.

NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt responded, "We appreciate Director Watt's leadership and thoughtful consideration of credit unions' concerns regarding this proposal in extending this comment period to January 2015. We also appreciate the support of Senate Banking Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, in this matter."

NAFCU last month wrote FHFA Director Mel Watt seeking a 60-day extension of the comment period, and Johnson and Crapo followed soon after with a similar request. Watt wrote the senators Monday confirming the change, and FHFA posted an announcement on its website.

The FHFA proposal would require FHLB members and applicants to keep 1 percent of assets in home mortgage loans and 10 percent in residential mortgage loans on an ongoing basis. Currently, the 10 percent requirement only applies when an applicant first seeks membership in an FHLB.

NAFCU met with FHFA last week to discuss the proposed rule.