Federal Home Loan Bank Membership Act of 2001

The Federal Home Loan Bank Membership Act of 2001 (H.R. 2796) was designed to allow certain privately insured credit unions to join the Federal Home Loan Bank (FHLB) System. To be eligible, these credit unions would have to meet the same financial and safety standards required for federal deposit insurance.

If passed, this change would have given these credit unions access to low-cost loans and specialized funding from the FHLB, which are typically used to support home mortgages and community development. For everyday citizens, this could have increased the availability of affordable home loans and local investment in communities served by these specific credit unions. The bill was introduced in August 2001 but did not advance past the committee stage.