Comment Detail
Date: 03/02/23 First Name: Craig Last Name: Kinoshita Email: ckinoshita@wailukufcu.com Organization Type: other Organization: Wailuku Federal Credit Union Comment
We are a small $100M credit union on Maui in Hawaii and it is very difficult for us to compete with larger financial institutions and fintechs due to our lack of economies of scale and the cost of doing business in Hawaii. Because we are small, we need the help of larger FHLB members to provide stable pricing, broader collateral availability and material earnings for AHP disbursements. Large members stabilize FHLB earnings, provide operating scale and are key to establishing a stable global investor base for the purchase of FHLB fixed income securities. Through its borrowing, the FHLB has helped us fund many real estate portfolio loans that were denied by conventional lenders. The majority of these borrowers were people of modest means and would not have been able to get a mortgage anywhere else.
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