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Board of Directors of Federal Home Loan Bank System Office of Finance

Open Date:
Open for comment 8/4/2009
Deadline:
All comments are due by 10/5/2009
Type:
Notice of Proposed Rulemaking
Number:
RIN-2590-AA30
Group:
Federal Home Loan Banks; Supervision and Regulation; Office of Finance
FHLBanks; Office of Finance
Document Number:
E9-18567
CFR:
12 CFR 1273; 12 CFR 1274
CFR Description:
 
Federal Register Publish Date:
8/4/2009
Federal Register Citation:
View Document:
 
Contact Information:

​Joseph A. McKenzie, (202) 408-2845, Division of Federal Home Loan Bank Regulation, Federal Housing Finance Agency, 1625 Eye Street, NW., Washington, DC 20006; or Neil Crowley, Deputy General Counsel, (202) 343-1316, or Thomas E. Joseph, Senior Attorney-Advisor, (202) 414-3095, Office of General Counsel, Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552.  If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.

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SUMMARY: Governed by the Federal Housing Finance Agency’s (FHFA) regulations, the Federal Home Loan Bank System’s (System) Office of Finance, issues debt ("consolidated obligations") on which the Federal Home Loan Banks (Banks) are jointly and severally liable and publishes combined financial reports on the Banks so that investors in the consolidated obligations can assess the strength of the System that stands behind them. The Office of Finance (OF) is governed by a board of directors, the composition and functions of which are determined by FHFA’s regulations. The FHFA’s experience with the System and with the OF’s combined financial reports during the recent period of market stress suggests that the OF and the System could benefit from a reconstituted and strengthened board. This proposed regulation is intended to achieve that.

DATES: Comments on the proposed regulation must be received on or before October 5, 2009. For additional information, see SUPPLEMENTARY INFORMATION.​

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