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Federal Home Loan Bank of Indianapolis Membership
12 Months Ended
Dec. 31, 2015
Banking and Thrift [Abstract]  
Federal Home Loan Bank of Indianapolis Membership
Federal Home Loan Bank of Indianapolis Membership
In February 2015, the Company's wholly owned subsidiary, ACREFI Insurance Services, LLC, was accepted for membership in the Federal Home Loan Bank of Indianapolis (“FHLBI”), and as a member of the FHLBI had access to a variety of products and services offered by the FHLBI, including secured advances. As of December 31, 2015, ACREFI Insurance Services, LLC had not requested any secured advances.
On January 12, 2016, the Federal Housing Finance Agency (“FHFA”) adopted a final rule revising its regulations governing Federal Home Loan Bank membership. As a result, the FHLBI may not make any advances to ACREFI Insurance Services, LLC and is required to terminate the membership of ACREFI Insurance Services, LLC no later than February 19, 2017 (one year after the effective date of the final rule).
Upon termination of ACREFI Insurance Services, LLC's membership, FHLBI will be required to redeem at par value the FHLBI stock that had been purchased and held by ACREFI Insurance Services, LLC as a condition to membership in the FHLBI. At December 31, 2015, the Company had stock in the FHLBI totaling $8, which is included in other assets on the consolidated balance sheet at December 31, 2015.