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CUs Could Get More Access to FHLB Funding
Monday, March 17, 2014 6:55 AM

A bill to broaden the ability of credit unions to apply for Federal Home Loan Bank membership, reportedly passed the House Financial Services Committee 55-0 and now goes to the House floor where it will likely gain wide support.

The Credit Union National Association supports the measure because it would put the country's privately insured credit unions on the same footing as their federally insured counterparts where it come to membership in the Federal Home Loan Bank system.

In a markup session Thursday for the FHLB bill, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, said approval of H.R. 3584 would correct a "drafting oversight" that occurred years ago.

 

(Source: HousingWire)