"Purchasing a home is an important part of the American dream," Stivers, a member of the Financial Services Committee said. "With the continued stagnation in the housing market, I believe it is important to ensure our community based lending institutions offer new mortgages, and this bill does that by allowing more institutions to have access to the home loan bank system. It will help many people live their American Dream of buying a home."
Stivers' legislation corrects this oversight and provides these institutions the ability to apply for membership in the Home Loan Bank System. Currently, there are a select number of small credit unions in nine states, approximately 132, that are not insured by the federal government, but by a mutual insurance company, governed by credit unions.
Credit unions did not have federal insurance until 1970, and many small institutions decided to remain privately insured and state regulated. All of these institutions would qualify as a small community institution. Private insurance is governed under federal law, and consumer disclosures are regulated by the
In March, the bipartisan legislation passed the
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