WASHINGTON—The FHFA today wraps up its three-day public listening session on the Federal Home Loan Bank System, and during the event NAFCU asked the FHLB to not “disrupt” the system.
NAFCU Senior Regulatory Affairs Counsel Aminah Moore told the event that there are now more than 1,500 FHLB-member credit union members, nearly 25% of the FHLB System’s total membership. Several credit unions also delivered remarks during the listening session as well, NAFCU noted.
Moore praised the success of the FHLB System, but said the FHFA to avoid disrupting the system in order to maintain the ability to effectively serve credit union members. Moore also asked the FHFA to work with NCUA as well as FHLBs to streamline the regulatory process to preserve existing member partnerships.
Of note, Moore stated that in order to maintain reasonable risk in the FHLB System, any expansion of FHLB membership should exclude non-depository institutions, such as underregulated fintechs, because they are not subject to capital requirements or regulated by a prudential regulator.
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