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NASCUS committee to take up FHLB-related bill

ARLINGTON, Va. - Among the list of items the NASCUS Government Relations Committee is scheduled to take up at its next meeting during NASCUS' annual conference in September, is the bill-H.R. 2796 introduced by Ohio Republican Congressman Robert Ney-that would allow privately insured, state-chartered credit unions to become members of...

By Staff Writer | Updated on August 21, 2001

ARLINGTON, Va. – Among the list of items the NASCUS Government Relations Committee is scheduled to take up at its next meeting during NASCUS’ annual conference in September, is the bill-H.R. 2796 introduced by Ohio Republican Congressman Robert Ney-that would allow privately insured, state-chartered credit unions to become members of the Federal Home Loan Bank (FHLB). FHLB is a government-sponsored enterprise made up of 12 regional banks that are allowed to offer member credit unions long term, secured advances for the purpose of providing funds for residential loans. Federally insured CUs are eligible for membership with the FHLB in their district provided they meet certain requirements. Mary Martha Fortney, vice president of accreditation and government relations for NASCUS said the association is “almost certain” to recommend that the NASCUS Board adopt a policy of support for the bill. “Our interest is that state-chartered credit unions not be disadvantaged in law or policy,” she said. “In this instance, state chartered credit unions are clearly being disadvantaged.”

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