Steve Stivers: “I would thank the gentlelady from West Virginia for her support. I rise in support of H.R. 3584, the Capital Access for…”

“I would thank the gentlelady from West Virginia for her support. I rise in support of H.R. 3584, the Capital Access for Small Community Financial Institutions Act. This bill simply makes a statutory change that would allow nonfederally insured credit unions the right to apply for membership with the Federal home loan banks. It does not guarantee that they would receive membership. They would have to go through the membership application like everyone else. Similar legislation passed the House in 2006, with a bipartisan vote of 415 for, none against. Purchasing a home is part of the American Dream, and this bill will help these small credit unions be able to make more mortgage loans as they use the Federal Home Loan Bank for liquidity and help more people live the American Dream. This bill would help those credit unions be able to have the liquidity that they don't have today. The Federal Home Loan Bank, which was established in 1932, has been an important part of credit and liquidity for mortgage lending for the past 80 years for most Main Street institutions. Unfortunately, 132 small credit unions don't have that support right now. While most large and small institutions who are members of the Federal Home Loan Bank are able to use it every day for liquidity and to serve their customers, these 132 small credit unions in nine States with assets that total about $11 billion are left out because of a glitch in the law.…”