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September 15, 2014
FHLB membership criteria comments due Nov. 12
Comments are due Nov. 12 to the Federal Housing Finance Agency on its proposed changes to rules affecting who may obtain membership in the Federal Home Loan Banks.
About 19 percent of all credit unions are eligible to join the FHLBs, which can be a source of liquidity for credit union mortgage lending. A key change in the proposed rule would require a credit union to have 1 percent of assets in home mortgage loans and, in some cases, 10 percent in residential mortgage loans on an ongoing basis. Currently, those are one-time requirements for application.
Other provisions affect FHLB membership for insurance companies. Generally, captive insurance companies generally could not be members unless they are now. The latter group would retain membership for five years and would have restrictions on advances and face added reporting and other requirements.
NAFCU has asked FHFA for a 90-day extension of the current comment period. It is meanwhile preparing a Regulatory Alert seeking members' input to the association's official comment letter.
About 19 percent of all credit unions are eligible to join the FHLBs, which can be a source of liquidity for credit union mortgage lending. A key change in the proposed rule would require a credit union to have 1 percent of assets in home mortgage loans and, in some cases, 10 percent in residential mortgage loans on an ongoing basis. Currently, those are one-time requirements for application.
Other provisions affect FHLB membership for insurance companies. Generally, captive insurance companies generally could not be members unless they are now. The latter group would retain membership for five years and would have restrictions on advances and face added reporting and other requirements.
NAFCU has asked FHFA for a 90-day extension of the current comment period. It is meanwhile preparing a Regulatory Alert seeking members' input to the association's official comment letter.
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