Tuesday, April 4, 2017

78 Privately Insured CUs Eligible for FHLBank Membership at the End of 2015

The Fixing America’s Surface Transportation Act (FAST Act) authorized Federal Home Loan Bank (FHLBank) membership for eligible privately insured credit unions.

By law, certain types of prospective FHLBank members must have at least 10 percent of their assets in residential mortgage loans to be eligible.

As of December 31, 2015, the Federal Housing Finance Agency estimated that 78 privately insured credit unions met this eligibility requirement. In other words, approximately 62 percent of the 125 privately insured credit unions were eligible for FHLBank membership.

As of December 31, 2016, the FHLBanks had approved 16 privately insured credit unions for membership.

This information appears on pages 7 and 8 of a recently released Government Accountability Office report.

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