Posted To: MND NewsWire
The final rule for membership in the Federal Home Loan Banking System (FHLBank) was announced on Tuesday by its regulator the Federal Home Finance Agency (FHFA). The new rule will eliminate one class of membership while deleting another requirement from the proposed rules announced in 2014. The rule allowing insurers membership has been rewritten to define out those that meet the definition of "captive insurance companies." A captive insurer is one for which the primary business is underwriting insurance for its parent company or for other affiliates rather than for the public at large. FHFA said that such companies are generally easier and less expensive to charter, capitalize and operate and this type of entity is increasingly being used as a way to qualify otherwise ineligible companies...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/1mTIzkj
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