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On Monday, the League joined America’s Credit Unions, Tricorp FCU, and others in asking the Federal Housing Finance Agency (FHFA) not to make changes to the mission of the Federal Home Loan Bank (FHLB) System. Seventy-five percent of Maine’s credit unions belong to FHLB of Boston. Maintaining their ability to access liquidity using the FHLB system is crucial. Congress has defined the mission of the FHLB system in statute, so it is our viewpoint that any changes to the mission are not just unnecessary but would require statutory changes.
The request for information from FHFA also asked for input regarding how to best measure the mission and provide member incentives. The League is firmly opposed to any member incentive changes, as it would likely result in a prioritization of large volume lenders as opposed to community institutions. If you would like to receive a copy of the letter, please email Krista Simonis, League Director of Governmental Affairs, at ksimonis@mainecul.org.