WASHINGTON—There is “language of interest” to be found in a new report on the Federal Housing Finance Agency (FHFA) from the Federal Home Loan Bank (FHLBank) system, according to CUNA.
The FHFA said the recommendations in the report are designed to ensure that the FHLBanks are well-positioned to continue to deliver on their mission priorities.
“We appreciate the FHFA undertaking a comprehensive review of the FHLBank System, and for reflecting on how the FHLBank System can best serve its members and their communities,” said CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak. “We strongly believe credit unions must have equal access to liquidity provided by the FHLBanks, and we look forward to working together with FHFA, the FHLBanks, and other stakeholders to make sure that the FHLBank System continues to meet the needs of its credit union members and their communities moving forward.”
Worth CUs’ Attention
The report language that CUNA said is of interest to credit unions includes:
- Recommendations to increase support for “mission-oriented” organizations including Community Development Financial Institutions (CDFIs)
- A recommendation that Congress amend the FHLBank Act to authorize all CDFI and credit union members with assets below the statutory cap to pledge CFI collateral to secure FHLBank advances
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