Comment Detail

Comment

Our credit union has had a relationship with the FHLBC for about 20 years. During that time, we have had a wonderful working relationship. The MPF program has been the most valuable product to date for our members and our balance sheet. Even during the mortgage crisis, when the MPF program was challenged, the FHLBC researched and offered alternative products so that we could continue to offer our members long term fixed rate home mortgages and provide liquidity for our balance sheet.
Over the years, we have also taken advantage of the many Management Conferences and Credit Union Conferences that have been sponsored by the FHLBC. These have been educational, informative and great networking opportunities. During these conferences, we have also had the opportunity to speak with members of the FHLBC Team that we may not often see otherwise, which has assisted in communication about various products and services that we currently use or that could benefit us into the future.
With all that being said, my greatest issue with the FHLBC is that based on the current structure (bylaws?) credit unions do not have a seat on the Board. Many qualified credit union executives have run, but mathematically the numbers don't work, unless the "bankers" would offer their support; which doesn't seem to happen. We continue to hear about how important credit unions are to the future of the FHLBC, I think that a credit union seat in the Board Room would demonstrate that importance.