DANA POINT, Calif. — J. Timothy O'Neill, senior counsel to the House of Representatives Committee on Financial Services is well acquainted with the Federal Housing Finance Board since he is a former chairman. Speaking to attendees at NASCUS' first State System Summit, he urged credit union officials to run for election in all 12 districts of the FHLB.
Calling the FHLB "the undiscovered genius of the federal government," O'Neill also said credit unions "should explore ways to be more active on the housing councils" of the 12 FHLB banks and "reach out" to the community investment officers in each of the FHLB districts because they all have affordable housing programs that credit unions can be involved with.
There are currently 8,158 financial institutions in the FHLB system of which 11% are credit unions.
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