four smiling men in suits and ties standing next to each other

Eligibility + Requirements 

We welcome applications for membership from financial institutions or insurance companies that meet the following criteria: 

Principal Place of Business in New England:

In order to apply for membership, your institution must have its principal place of business in one of the following states:

  • Connecticut
  • Maine
  • Massachusetts
  • New Hampshire
  • Rhode Island
  • Vermont

Duly Organized

The institution is duly organized under federal, state or tribal laws.

  • Subject to Inspection and Regulation: The institution is subject to inspection and regulation under the banking or insurance laws of any state or federal regulatory agency, or to certification by the CDFI Fund.
  • Long-Term Home Mortgage Loans: The institution either purchases or originates long-term home mortgage loans. A long-term home mortgage loan is defined as a home mortgage loan with a maturity of five years or more. This includes holding mortgage-backed securities.
  • Financial Condition: The institution’s financial condition is such that advances may be safely made.
  • Character of Management and Home Financing Policy: The character of the institution’s management and home financing policy are consistent with sound and economical home financing.

10-Percent Rule

For banks and savings institutions with assets greater than $1.323 billion (as of 2022) and for all credit unions, at least 10% of total assets should be in residential mortgage loans or related assets. This requirement is not applicable for insurance companies, CDFIs, or smaller banks and savings institutions.

Capital Stock Requirement

View the capital stock requirements for membership.

Process to Apply

Just follow these simple steps to apply for membership.