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Sept. 5, 2014 – NAFCU President and CEO Dan Berger yesterday urged Federal Housing Finance Agency Director Mel Watt to give credit unions another 60 days to comment on the agency's proposed changes to Federal Home Loan Bank membership eligibility requirements.

Berger said credit unions need more time to review the proposal's impact and give meaningful feedback. "This proposal is complex and could have lasting impact on credit unions and their ability to establish and maintain membership in FHLBs," Berger wrote.

The proposal, released Tuesday, is out for comment for 60 days following its publication in the Federal Register. NAFCU is asking for a 120-day comment period.

Berger said as of June 30, 19 percent of all credit unions were members of Federal Home Loan Banks; that's up from 11.4 percent in 2007. Current FHLB-member credit unions hold 75.8 percent of total credit union assets, up from 61.7 percent in 2007. This growth in the number of FHLB-member credit unions "underscores the need to ensure that the eligibility requirements for membership in FHLBs are set appropriately," he wrote.

The letter was copied to all three NCUA Board members.