Federal Home Loan Bank Membership for Non-Federally-Insured Credit Unions
Federal Home Loan Bank Membership for Non-Federally-Insured Credit Unions Final Rule
FOR FURTHER INFORMATION CONTACT: Eric M. Raudenbush, Associate General Counsel, Office of General Counsel, Eric.Raudenbush@fhfa.gov, (202) 649-3084; or Julie A. Paller, Senior Financial Analyst, Division of Bank Regulation, Julie.Paller@fhfa.gov, (202) 649-3201 (not toll-free numbers), Federal Housing Finance Agency, 400 Seventh Street SW., Washington, DC 20219. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.
SUMMARY: The Federal Housing Finance Agency (FHFA or Agency) is adopting a final rule revising its regulation governing Federal Home Loan Bank (Bank) membership to implement section 82001 of the Fixing America's Surface Transportation Act (FAST Act), which amended the Federal Home Loan Bank Act (Bank Act) to authorize certain credit unions without Federal share insurance to become Bank members. The rule also makes appropriate conforming changes to FHFA's regulation on Bank membership. The final rule is substantially the same as the proposed rule, but includes one revision intended to streamline the application process for credit unions applying for Bank membership pursuant to the FAST Act provision.
The final rule will become effective July 5, 2017.