Under the Finance Board rules concerning the eligibility and selection of appointed Bank directors, the boards of directors of the Banks submit to the Finance Board a list of individuals that includes information regarding each individual’s eligibility and qualifications to serve as a Bank director.  The Finance Board uses the list provided by each Bank to identify well-qualified individuals who may serve on the Bank’s board of directors.  The Finance Board also may seek qualified candidates on its own initiative.

In order to determine whether a prospective appointed director satisfies the statutory and regulatory eligibility requirements, the individual must complete the Federal Home Loan Bank Independent Director Application Form and return the executed Form to the appropriate Federal Home Loan Bank.  Prospective appointed directors may complete the fillable PDF Form electronically or download it and complete it manually.  Candidates may attach additonal sheets if they need more space.  Candidates also may attach relevant documents such as a resume.

Once appointed, directors annually must certify that they continue to meet all eligibility requirements by completing the Federal Home Loan Bank Independent Director Annual Certification Form and returning the executed Form to the appropriate Federal Home Loan Bank.

Statutory Qualifications:

  • United States citizen
  • Bona fide resident of a state within the Bank district the director serves
    • bona fide residence means either a principal residence or a secondary residence (e.g., vacation home) plus an employment nexus
  • During the term of office with the Bank, an appointed director may not:
    • serve as an officer of any Federal Home Loan Bank
    • serve as an officer or director of any member of the Federal Home Loan Bank the director serves
    • hold shares of stock or have any other financial interest in any member of the Federal Home Loan Bank the director serves
  • To be designated a community interest director, an appointed director must come from an organization with more than a two-year history of representing consumer or community interests on banking services, credit needs, housing, or financial consumer protections

Primary Roles:

  • To oversee the safe and sound operation of the Bank
  • To act as a fiduciary for the public's interests
  • To define and advance the mission and activities of the Bank
  • To address the interests of the Bank's constituencies fairly and impartially
  • To perform the duties established by law and regulation

 Duties and Responsibilities:

  •  Select, evaluate, and set fair compensation for the Bank’s executive management
  • Select a CEO and provide for CEO succession
  • Ensure that appropriate and effective risk management policies and internal controls are in place and functioning
  • Balance the risks and benefits of the Bank’s activities by:
    • identifying objectives and the degree of risk acceptable to attain those objectives
    • monitoring political and reputation risk trends and incorporating them into goal setting
  • Engage in the Bank’s strategic planning process and monitor the Bank’s progress toward established strategic objectives
  • Support a strong internal audit function
  • Participate in board of directors and committee meetings (a minimum of six in-person meetings required each year)
  • Serve a three-year term of office


            Shared:                                                                     Individual:   

  • Demonstrating competent governance                       Continually improving governance skills
  • Fulfilling the Bank’s mission                                       Continually improving financial literacy
  • Fulfilling the Bank’s strategic objectives                      Continually improving political literacy
  • Enhancing the Bank’s image


  • Intellectual challenge
  • Public service by guiding a government sponsored enterprise created by Congress to fulfill a vital public purpose
  • Participation in the governance of a housing and community lending finance leader
  • Collaboration with board colleagues in setting the strategic course of a dynamic organization
  • Annually adjusted compensation, which in 2008 was $31,232 for a chair, $24,986 for a vice chair, and $18,739 for all other Bank directors
  • Payment of travel, subsistence, directors and officers liability insurance, and other expenses related to service as a director