The National Association of State Credit Union Supervisors (NASCUS) announced that two credit unions, privately insured through American Share Insurance (ASI), have been approved to join the Federal Home Loan Bank (FHLB) system.
Wabash, Ind.-based Beacon Credit Union is the first privately insured CU to join the FHLB ranks. The $1.2 billion CU joined the Indianapolis FHLB on June 3.
Credit Union 1, based out of Rantoul, Ill., has also been approved to join the FHLB system according to ASI. The $785 million CU will be a member of the Chicago FHLB.
Credit unions who were not federally insured were allowed membership into the FHLB system due to the passage of the FAST Act in December 2015. According to ASI, other privately insured CUs in Ohio, Illinois, Texas, Indiana and California have reported submitting applications to their respective FHLB branches.
