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  • Comment Detail

  • Date: 10/13/22
    First Name: Chip
    Last Name: Lusk
    Email: chiplusk@idbglobalfcu.org
    Organization Type: other
    Organization: IDB Global Federal Credit Union

  • Comment

    Dear FHFA,
    My name is Chip Lusk. I am the CEO of IDB Global Federal Credit Union and the DC Member Director at FHLB Atlanta.

    IDB Global Federal Credit Union serves the savings and borrowing needs of the Inter-American Development Bank (IDB) community. The IDB is a development bank headquartered in Washington, DC. For most of our members, our Credit Union is a gateway financial institution enabling them to establish credit in the U.S. Our Credit Union’s primary lending competency is to originate and service residential home loans for our member owners, many of whom have thin or no credit. We provide essential loans so that they may focus on what is important to them, such as their careers or their loved ones.

    Our Credit Union has an 83% loan to share ratio, our loan portfolio is about 95% residential real estate, and our historical asset quality is extremely strong with minimal charge offs and no foreclosures. Our value proposition is that we efficiently provide our members with lower rate loans and higher rate deposits at no/low fees. IDB Global Federal Credit Union is a member of FHLBank System because the System is a source of strength for our ongoing safety and soundness, and so that we may deliver on our mission to serve our members well.

    We use FHLB (1) as a stable source of readily available, low-cost liquidity to supplement our share/deposit funding, (2) for liability duration management, (3) as a strong source of contingent liquidity, and (4) for investment safekeeping. These FHLB solutions help us to fund the borrowing needs of our members, as well as maintain a safe and sound liquidity management program. The continued dependability and stability of the FHLB System is the bedrock foundation for the continued dependability and stability of IDB Global Federal Credit Union to its community. Beyond the enhanced stability of the IDB community, FHLB’s AHP program – since its inception in 1990 – has improved lives in DC by enabling FHLB’s DC members to invest more than $34 million to fund more than 6,900 units of affordable housing for DC citizens.

    Thank you for your consideration of the System as it reaches 100 years old. I hope that the dependability and stability of the System of past will be prologue to the System of the future.

    Best regards,
    Chip Lusk