Two Privately Insured CUs Approved for FHLB Membership

Two privately insured credit unions have been approved for Federal Home Loan Bank (FHLB) membership, according to American Share Insurance (ASI).

FHLB of Indianapolis approved $1.2 billion Beacon Credit Union (Wabash, IN) for membership and FHLB of Chicago approved $785 million Credit Union 1 (Rantoul, IL) for membership.

The FAST Act (H.R. 22), which was enacted in December 2015, authorized that a privately insured credit union could join a FHLB.

ASI has been meeting with seven FHLBs to educate them about private share insurance, privately insured credit unions and American Share’s role in the oversight of privately insured credit unions.

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