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Long title To amend the Federal Home Loan Bank Act to allow non-Federally insured credit unions to become members of a Federal Home Loan Bank. Acts amended | ||
The Capital Access for Small Community Financial Institutions Act (H
Contents
Purpose
The intent of the bill is to improve the U.S. housing market by reducing regulatory requirements to community credit unions. Some privately insured credit unions that serve public servants and small businesses have not been allowed to apply to the FHLB system
Background
As of 2014, approximately 132 small credit unions, located among nine states, are insured by a mutual insurance company instead of the federal government. Although federal government insurance for credit unions began in 1970, some small credit unions remained privately insured.
Cosponsors
Congresswoman Joyce Beatty and Congressman Andre Carson are cosponsors of the legislation.
Support
Organizations that have said they support the bill include:
Opposition
Some Democratic members of the Financial Services Committee and the National Credit Union Administration oppose the bill.