FHFB No-Action Letters

No-Action Letters, which were first issued in 1998, are written statements issued to a Federal Home Loan Bank or the Office of Finance providing that Federal Housing Finance Board staff will not recommend supervisory or other action to the Board of Directors for failure to comply with a specific provision of the Federal Home Loan Bank Act or a Finance Board rule, regulation, policy, or order, if the requester undertakes the proposed transaction or activity.  

The authority to issue, and the procedure for applying for, a No-Action Letter are found in sections 907.4, 907.6, and 907.7 of the Finance Board's Procedures regulation (12 C.F.R. §§ 907.4, 907.6, and 907.7).

To apply for a No-Action Letter, the Federal Home Loan Bank or the Office of Finance sends a written request to the Finance Board signed by the president of the Bank or the chairperson of the Office of Finance board of directors that includes:

  • The name of the requester, and the name, title, address, telephone number, and electronic mail address, if any, of the official filing the request on its behalf.
  • The name, address, telephone number, and electronic mail address, if any, of a contact person from whom Finance Board staff may seek additional information if necessary.
  • The section numbers of the particular provisions of the Bank Act or Finance Board rules, regulations, policies, or orders to which the request relates.
  • Identification of the determination or relief requested, including any alternative relief requested if the primary relief is denied, and a clear statement of why such relief is needed.
  • A statement of the particular facts and circumstances giving rise to the request and identifying all relevant legal and factual issues.
  • References to all relevant authorities, including the Bank Act, Finance Board rules, regulations, policies, and orders, judicial decisions, administrative decisions, relevant statutory interpretations, and policy statements.
  • References to any Waivers, No-Action Letters, Approval Letters, or Regulatory Interpretations issued to the requester in the past in response to circumstances similar to those surrounding the request.
  • For any request involving interpretation of the Bank Act or Finance Board regulations, a reasoned opinion of counsel supporting the relief or interpretation sought and distinguishing any adverse authority.
  • Any non-duplicative, relevant supporting documentation.
  • A certification by a person with knowledge of the facts that the representations made in the application or request are accurate and complete.  The following form of certification is sufficient for this purpose:  “I hereby certify that the statements contained in the submission are true and complete to the best of my knowledge. [Name and Title].”

 No-Action Letters are numbered in sequence by year with the prefix “NAL”, e.g., 2002-NAL-##.

To access No-Action Letters, go to FHFB Reading Room.