WASHINGTON-In a recent letter to the Hill, CUNA wrote in support of legislation amending the Federal Home Loan Bank Act that would permit privately insured credit unions to join the Federal Home Loan Bank system. The bill, H.R. 2796, the Federal Home Loan Bank Membership Act of 2001, was introduced by Congressman Bob Ney (R-Ohio) and co-sponsored by fellow Ohio Representatives Paul Gillmor (R), Stephanie Tubbs Jones (D), Patrick Tiberi (R), Deborah Pryce (R), and Financial Services Chairman Mike Oxley (R). “It is important to remember that this bill provides no special treatment for these institutions.” CUNA President and CEO Dan Mica wrote. “Advances from the Bank System would be on the same terms as any other institution.” According to CUNA’s letter, Ohio has 99 privately insured credit unions with assets totaling $1.4 billion. Eight other states permit credit unions, numbering just a few hundred, to carry solely private share insurance. The current law does not permit privately insured credit unions to join the FHLB system to provide mortgage funding to members. Approximately 1.3 million credit union members belong to privately insured credit unions. Mica included CUNA Renaissance Commission vision statements with the letter.
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