FHFA to credit unions: ‘We need your voice!’

On By nycuaIn NY Minute

The Federal Housing Finance Agency (FHFA) has announced a new initiative, “FHLBank System at 100: Focusing on the Future,” and is encouraging New York credit unions to participate.

As part of the initiative, the FHFA will host two public listening sessions and a series of regional roundtable discussions to consider and evaluate the mission, membership eligibility requirements and operational efficiencies of the Federal Home Loan Bank (FHLB) system. The FHFA is also requesting comments about ways that credit unions utilize their New York FHLB membership.
The first listening session is Sept. 29 from 12:30 – 4 p.m., both in person in Washington, D.C. and virtually.

Submit your credit union’s comments
The FHFA is accepting written comments through Oct. 21, 2022 through its website or by mail (Federal Housing Finance Agency, 400 7th St., S.W., Washington, D.C. 20024), about ways that credit unions utilize their New York FHLB membership. Examples include:

  • credit products (advances, letters of credit);
  • grant programs (Affordable Housing Program, Homebuyer Dream Program, Small Business Recovery Grant Program);
  • mortgage programs (Mortgage Asset Program-MAP, Mortgage Partnership Finance-MPF); and
  • community lending programs (Business Development Advance-BDA, Rural Development Advance-RDA/Urban Development Advance-UDA, Disaster Relief Funding).

From William J. Mellin, New York Credit Union Association president/CEO, on the FHLB’s mission and purpose:

For many years, the FHLB has assisted New York credit unions in carrying out their mission of improving the financial wellbeing of their members. Small, medium and large credit unions rely on the bank to provide needed liquidity and provide various lending opportunities for members, especially long-term residential mortgage loans. Some of our credit unions have also taken advantage of the banks grant programs, which are focused on affordable housing, first time home buyer initiatives and small business loan recovery programs. While I’m sure that a periodic review of any entity is warranted, I’m sure you’ll find that the FHLB clearly lives up to its mission and purpose.

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