Despite problems in the corporate credit union system, the Federal Home Loan Bank of San Francisco is not reporting an increase in credit unions signing up for membership.
Stephen Traynor, senior vice president of Financial Services and Community Investment, said that while his FHLB has been a "viable competitor to corporates" for advances, it doesn't provide any settlement services, investments, or other core corporate services.
Rather, the cooperative bank's credit union business is driven by loan demand, he said. In 2009, the FHLBSF actually lost one credit union member over 2008′s ranks. Of the bank's 411 members, currently 97-nearly one-quarter-are credit unions.
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