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Members of Federal Home Loan Banks

Open Date:
Open for comment 9/2/2014
All comments are due by 1/23/2015
Notice of Proposed Rulemaking
RIN 2590-AA39
Document Number:
12 CFR Part 1263
CFR Description:
Federal Register Publish Date:
View Document:
/SupervisionRegulation/Rules/RuleDocuments/Members_of_Federal_Home_Loan_Banks_Rule_2014.pdf|634.94 KB;
Contact Information:

Eric M. Raudenbush, Assistant General Counsel, Office of General Counsel, Eric.Raudenbush@fhfa.gov, (202) 649-3084; or Julie Paller, Senior Financial Analyst, Office of Program Support, Division of Bank Regulation, Julie.Paller@fhfa.gov, (202) 649-3201 (not toll-free numbers), Federal Housing Finance Agency, 400 Seventh Street, SW., Washington, DC 20024.  The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877-8339. 

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SUMMARY:  The Federal Housing Finance Agency (FHFA) is proposing to revise its regulations governing Federal Home Loan Bank (Bank) membership primarily to:  (1) require each applicant and member institution to hold one percent of its assets in “home mortgage loans” in order to satisfy the statutory requirement that an institution make long-term home mortgage loans; (2) require each member to comply on an ongoing basis, rather than on a one-time basis as at present, with the foregoing requirement and, where applicable, with the requirement that it have at least 10 percent of its assets in “residential mortgage loans”; (3) define the term “insurance company” to exclude from Bank membership captive insurers, but permit existing captive members to remain members for five years with certain restrictions on their ability to obtain advances; (4) require a Bank to obtain and review an insurance company’s audited financial statements when considering it for membership; and (5) clarify the standards by which an insurance company’s “principal place of business” is to be identified in determining the appropriate Bank district for membership.

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