ARLINGTON, Va. – Jonathan Lindley, vice president of national advocacy for NASCUS was on Capitol Hill recently to meet with House Financial Services Committee members Rep. Paul Kanjorski (D-Pa.) and Rep. Spencer Bachus (R-Ala.) to discuss the association's position to allow privately insured state-chartered credit unions to join the Federal Home Loan Bank. "The idea of allowing privately insured state-chartered credit unions to join the Federal Home Loan Bank is a no-brainer," said NASCUS Chair Jerrie Lattimore, administrator, North Carolina Credit Union Division. "Since the FHLB insures every loan it underwrites, the notion of privately-insured state chartered credit unions offering Federal Home Loan Bank loans as posing a risk to the system, clearly doesn't make any sense." Approximately 10% of state-chartered credit unions are privately insured.
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