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Financial Services Law Insights and Observations

FHFA Publishes Final Rule on State-Chartered Credit Union Membership

Agency Rule-Making & Guidance FHFA Credit Union FHLB

Agency Rule-Making & Guidance

On June 5, the Federal Housing Finance Agency (FHFA) issued a final rule amending its regulations to allow certain state-chartered credit unions without Federal share insurance to obtain Federal Home Loan Bank memberships. The final rule is substantially the same as the proposed rule issued by the FHFA in September 2016 with the exception of an added revision intended to help streamline credit union Bank membership applications. The amendment was adopted in order to implement a provision of the Fixing America's Surface Transportation Act and goes into effect July 5, 2017.

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