Updated legislation has been implemented relating to the Federal Home Loan Bank of Topeka. The new law is referred to as LB 74 and authorizes the Federal Home Loan Bank of Topeka to issue letters of credit for any private deposits kept in a state-chartered bank that surpasses the amount insured by the Federal Deposit Insurance Corporation. The present law only allows a “guaranty bond” for these objectives. LB 74 was enacted on May 5th, 2009.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.