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The FHLBanks consist of 11 government-sponsored banks that provide liquidity to the members of financial institutions during times of market stress, offering a variety of low-income housing and community development programs.
Read more: FHLBank San Francisco provides $11 million funding to WISH program
“As the Federal Home Loan Banks approach their centennial, FHFA will conduct a comprehensive review to ensure they remain positioned to meet the needs of today and tomorrow,” Thompson said.
Bob Broeksmit, president and CEO of the Mortgage Bankers Association, commented: “MBA applauds FHFA’s announcement to examine the appropriate role of the Federal Home Loan Bank (FHLB) system. We have long supported the responsible expansion of FHLB membership eligibility to better reflect the diverse providers of single-family and multifamily housing finance throughout the country. The banks’ membership framework has only seen piecemeal updates since its creation, and there’s a need for an FHLB system that better reflects today’s housing finance market — not one from the 1930s.”
FHFA will kick off the public listening sessions with an event on Sept. 29, held in person at the Constitution Center in Washington, DC, with the option to participate virtually. The agency is seeking feedback in six key areas, including:
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