Privately insured CU from Illinois becomes 2nd to join FHLB
June 22, 2016 – Another privately insured credit union has been cleared to join the Federal Home Loan Bank (FHLB) system, coming closely on the heels of the first to join, according to recent reports.
Credit Union 1 of Rantoul, Ill., with $785 million in assets, was approved for membership in the FHLB of Chicago, according to American Share Insurance (ASI) in a release dated June 16.
Beacon Credit Union of Wabash, Ind., was the first privately insured credit union approved for FHLB membership, joining the Indianapolis bank June 3. ASI previously reported that other privately insured credit unions in Ohio, Illinois, Indiana, Texas and California have applications pending for membership through their respective FHLB branch banks.
Privately insured credit unions were given access to join the FHLB with the enactment of The FAST Act (H.R. 22) in December 2015. ASI is urging credit unions interested in FHLB membership to contact the FHLB branch serving their particular markets.