A bill that would allow privately insured credit unions accessto the Federal Home Loan Bank system has been introduced in theHouse.
H.R. 6105, introduced Wednesday by Rep. Steve Stivers (R-Ohio)and cosponsored by Rep. Andre Carson (D-Ind.), would amend theFederal Home Loan Bank Act so credit unions that are not federallyinsured can take advantage of FHLB services.
Currently, only federally insured credit unions can access theFHLB's low-cost, secured borrowings. To be eligible, a credit unionmust purchase stock, either originate or purchase long-termmortgages and, among other things, have at least 10% of totalassets in residential mortgage loans.
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