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WASHINGTON – In a joint letter to the Federal Housing Finance Board, CUNA and NAFCU asked the board to reconsider a notice of proposed rulemaking that could make it less likely for Federal Home Loan Bank members to receive dividends.

The proposed rule would prescribe a minimum amount of retained earnings and cap the excess stock a Federal Home Loan Bank can have outstanding. It would also bar a FHLB from selling excess stock to members or paying stock dividends, and restrict the bank’s ability to pay dividends when retained earnings fall below the minimum.

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