FHLB Membership Approvals Continue
August 3, 2016 – We are proud to report that the first ASI-insured Ohio-based credit union has been approved for membership in the FHLB Cincinnati. The $148 million AurGroup Financial Credit Union (Fairfield, OH) received notice of its approval earlier this week to add to the list of privately insured credit unions joining an FHLBank.
Not long after the law allowing access to the FHLB was passed, the Cincinnati FHLB became very engaged in the process of facilitating the change in law for all privately insured credit unions, which we have greatly appreciated. Since June, to our knowledge, three other privately insured credit unions in Illinois and Indiana have also been admitted to membership in their respective FHLBanks. More specifically:
- Beacon (Wabash, IN) – $1.2 Billion
- Credit Union 1 (Rantoul, IL) – $780 Million
- Interra (Goshen, IN) – $863 Million
We encourage all of our member credit unions to consider applying for membership in their respective FHLBank, especially if it adds value to your specific member-focused programs, such as mortgage lending. Membership in the FHLB can also provide your credit union with an invaluable low-cost liquidity resource, which adds to the strength and stability of the ASI family of insured credit unions.
Requirements of FHLB Membership and Application Process
Contact information on each of the seven affected FHLBanks can be found at http://www.AmericanShare.com/links/ or via the Links section under the Credit Union Resources tab of our website www.AmericanShare.com.