House OKs FHLB for privately insured CUs (again)

NOV. 5, 2015 -- A provision to give privately insured, state-chartered credit unions access to membership in the Federal Home Loan Bank system is part of legislation approved by the House Thursday, and which now must go to conference with the Senate.

The legislation, the highway and transit funding bill (H.R. 22), contains an FHLB membership amendment offered by Financial Services Committee Chairman Jeb Hensarling (R-Texas). The amendment included FHLB membership provision, and a number of other regulatory relief provisions sought by financial institutions. The FHLB membership provision (the Capital Access for Community Financial Institutions Act of 2015 (H.R. 299)) most recently passed the House in April, but went nowhere beyond that. It has also been passed by the House in 2004, ’06 and ’14.

The House highway bill must still be reconciled with a similar Senate measure. The House passed the transportation legislation on a vote of 363-64.

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