FHLB Allows CUs To Use Mutual Funds As Collateral

April 17, 2000, 1:00 a.m. EDT 1 Min Read

- SAN FRANCISCO (04/17/00) - The Federal Home LoanBank of San Francisco last week issued a ruling which will allowcredit unions to post shares in mutual funds for collateral foradvances from the system. This includes the Trust for CreditUnions, the largest mutual fund for credit unions. The ruling,which could be duplicated by others of the 12 regional home loanbanks, is expected to expand credit union bank members' access tolow-cost funds provided by the banks, There are 38 credit unionmembers of the San Francisco bank and more than 400 credit unionmembers of the 12 banks.

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