Measure for state CU FHLB membership,
NCUA hearings advances

JULY 22, 2015 -- A Senate appropriations subcommittee has approved legislation that would, among other things, allow privately insured, state-chartered credit unions to become members of Federal Home Loan Banks (FHLBs) and require NCUA to hold annual, public budget hearings.

The legislation now heads to the full Appropriations Committee, where it is expected to be marked up Thursday morning (July 24).

The credit union provisions are contained in the Financial Services and General Government Appropriations Act of 2016, which (in turn) contains Senate Banking Committee Chairman Richard Shelby’s (R-Ala.) regulatory relief measure, the Financial Regulatory Improvement Act of 2015 (S. 1484), which contains the credit union provisions, and others. His committee adopted the measure in May.

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