Skip to main content
Federal Home Loan Bank (Members Site)
Main Content

Public Unit Deposit Program

The Public Unit Deposit (PUD) program provides members with access to fixed rate, fixed term CDs placed by Local Government Investment Pools (LGIP). 

How the Public Unit Deposit Program Works

First Business Day of the Week (typically Monday)

  • Visit the FHLB Des Moines rates pages for Public Unit Deposit CD rates.

  • Members can call the state specific LGIP to confirm deposit and wire transfer details. LGIP contacts are listed below.

  • Submit a completed FHLB Des Moines Letter of Credit (LOC) application naming the appropriate LGIP as beneficiary.

Second Business Day of the Week (typically Tuesday)

  • 12:00 PM (CT) of the second business day of the week is the deadline for obtaining CDs.

  • No CDs will be issued after this deadline.

  • All FHLB Des Moines LOCs must be submitted by the same noon deadline.

  • Deposits without a matching LOC will not be processed by the LGIP.

Third Business Day of the Week (typically Wednesday)

  • LGIP wires public deposit funds directly to the member according to agreed upon wire instructions.

  • Member confirms receipt of the funds and issues the CD to the LGIP.

At Maturity

  • Member wires principal and accrued interest funds back to the LGIP according to agreed upon wire instructions.

  • Automatic renewals of CDs are not permitted. Funds must be returned to the LGIP at maturity.

  • Request for new CDs will be welcomed subject to availability.

LGIP Contact Information

PFM (affiliated LGIPs)

LGIP (MOSIP)
Request Deposit/CD - PFM Group at 717.234.3006

LGIP (MSDLAF+)
Request Deposit/CD - PFM Group at 717.234.3006

Prudent Man Advisors, Inc. Affiliated LGIPs

Illinois LGIPs - Available to all member banks
Request Deposit/CD - PMA at 630.657.6560

Minnesota LGIPs - Available to all member banks and credit unions
Request Deposit/CD - PMA at 630.657.6560

To learn more information about the PUD Program, contact your Vice President/Member Solutions or call the Money Desk at 800.544.3452, ext. 1013.

© 2017 Federal Home Loan Bank (Members Site). All rights reserved.