Can securities pledged to FHLB Des Moines as collateral be held with a third party custodian?

Yes, if the custodian bank is a FHLB Des Moines approved custodian bank. You can contact the collateral department at 800.544.3452, ext. 2500 for list of approved custodian banks. A Collateral Custodial Agreement executed by all three parties: the member, the custodian bank and FHLB Des Moines must also be provided to FHLB Des Moines