John von Seggern, president/CEO of the Council of Federal Home Loan Banks, told Credit Union Times on Tuesday that a Jan. 31 letter signed by all 12 FHLB presidents urging the NCUA to include them as an option in the final emergency liquidity rule was prompted by credit unions.
"They are encouraging us to make sure we are active in this process," von Seggern said of the 900-some credit unions that are FHLB members. "The NCUA is going through the rules process and we want to make them understand we will, have and can provide the liquidity our members need."
The NCUA said last July when it introduced the proposed rule that while the FHLBs are a good source of regular liquidity, they aren't appropriate emergency liquidity providers.
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