Regulatory Interpretations, which were first issued in 1998, are written guidance issued by Federal Housing Finance Board staff with respect to application of the Federal Home Loan Bank Act or a Finance Board rule, regulation, policy, or order to a proposed transaction or activity.

 The authority to issue, and the procedure for applying for, a Regulatory Interpretation are found in sections 907.5, 907.6, and 907.7 of the Finance Board's Procedures regulation (12 C.F.R. §§ 907.5, 907.6, and 907.7).

To apply for a Regulatory Interpretation, a Federal Home Loan Bank or the Office of Finance sends a written request to the Finance Board signed by an appropriate official 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].”

Regulatory Interpretations are numbered in sequence by year with the prefix “RI”, e.g., 1999-RI-##. 

To access Regulatory Interpretations, go to FHFB Reading Room.