Credit Unions

(Credit Unions must hold at least 10 percent of its total assets in residential home loans, residential mortgage-backed securities, or other mortgage-related assets)
Required Agreements and Forms

Required Documentation for all applicants

  • Most recent audited financial statements and management letter; or board of director’s examination prepared by certified public accountant
  • Copy of articles of incorporation, bylaws or charter
  • Copy of residential mortgage lending policy
  • Home Financing Policy
    • Investment in mortgage-related assets
    • Adheres to Fair Lending laws and practices
    • Originates Mortgage Loans (may include the amount of mortgage loans originated as of the most recent quarter-end)
    • Purchases Mortgage Loans and mortgage-related assets (may include the amount of mortgage loans and residential mortgage-backed securities purchased [and held] as of the most recent quarter end)
    • Supports Community Development and/or Affordable Housing (provide a brief statement regarding how your institution supports community development [i.e. your community] and/or affordable housing [i.e. does your institution have any programs specifically for first-time home buyers from low to moderate incomes? Do you offer any home-buyer programs to support veterans or other underserved groups? Does your institution donate to causes that directly support your community, etc.?

Additional Required Documentation for Non-federally insured credit unions

  • Prior to deeming an application complete for non-federally insured credit union applicants, FHLB Des Moines must receive a written statement from the applicant's regulator or from the applicant that addresses whether the institution meets the eligibility requirements for Federal Share insurance as of the date of the written request. Please note, once FHLB Des Moines is in receipt of a membership application from a non-federally insured credit union, the Bank will provide additional information to applicant regarding the written request to the applicant's regulator.

Additional Required Documentation for applicants that have consolidated with another institution within the last three years

  • All regulatory financial reports that the applicant has filed as a consolidated entity
  • Pro forma combined financial statements for those quarters for which actual combined regulatory financial reports are unavailable (most recent six quarters and three calendar year-ends)
  • Makes long-term home mortgage loans requirement (10 percent requirement): the Bank may, in its discretion, permit a recently consolidated applicant that has not yet filed a regulatory financial report as a consolidated entity to provide the pro forma financial statement for the consolidated entity that the consolidating entities filed with the regulator that approved the consolidation.

Additional Required Documentation for applicants that have ever been a member of the Federal Home Loan Bank System

  • Attach a separate sheet describing withdrawal (i.e. number of years and FHLB Bank institution was affiliated with)

Optional Forms

  • Emergency Source of Funding: Allows you to receive funding from FHLB Pittsburgh if FHLB Des Moines is inoperable due to a disaster.
  • Delivery of Advances Proceeds: Allows member to designate a separate account (either Fed account or correspondent account) to receive automatically (by wire) proceeds up to the amount of the advance, members take down with FHLB Des Moines.

Step 3: Submit
Please send all completed documents to