[DOCID:186873tx_xxx-62]
From the Government Manual Online via GPO Access
[wais.access.gpo.gov]
[Page 416-419]
FEDERAL HOUSING FINANCE BOARD
1777 F Street NW., Washington, DC 20006
Phone, 202-408-2500. Internet, www.fhfb.gov.
Board of Directors:
Chairman Bruce A. Morrison
Members: J. Timothy O'Neill, (2
vacancies)
(Secretary of Housing and Urban Andrew M. Cuomo
Development, ex officio)
Housing and Urban Development William C. Apgar
Secretary's Designee to
the Board
Officials:
Managing Director William W. Ginsberg
Director, Office of Communications Stephen P. Hudak
Director, Office of Information Management and Hung Phan
Technology Support
Director, Office of Policy, Research, and James L. Bothwell
Analysis
Director, Office of Resource Management Barbara L. Fisher
Director, Office of Supervision Mitchell Berns
General Counsel Deborah F. Silberman
Inspector General Edward Kelley
[For the Federal Housing Finance Board statement of organization, see
the Code of Federal Regulations, Title 12, Part 900]
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The Federal Housing Finance Board is responsible for the administration
and enforcement of the Federal Home Loan Bank Act, as amended.
The Federal Housing Finance Board (Finance Board) was established by the
Federal Home Loan Bank Act, as amended by the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C. 1421
et seq.), as an independent regulatory agency in the executive branch.
The Finance Board succeeded the Federal Home Loan Bank Board for those
functions transferred to it by FIRREA.
The Finance Board is managed by a five-member Board of Directors.
Four members are appointed by the President with the advice and consent
of the Senate for 7-year terms; one of the four is designated as
Chairperson. The Secretary of the Department of Housing and Urban
Development is the fifth member and serves in an ex officio capacity.
The Finance Board supervises the 12 Federal Home Loan Banks created
in
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1932 by the Federal Home Loan Bank Act and issues regulations and orders
for carrying out the purposes of the provisions of that act. Savings
associations, commercial banks, savings banks, credit unions, insurance
companies, and other institutions specified in section 4 of the act that
make long-term home-mortgageloansare eligible to become members of the
Federal Home Loan Banks. The Finance Board supervises the Federal Home
Loan Banks and ensures that they carry out their housing finance and
community investment mission, remain adequately capitalized and able to
raise funds in the capital markets, and operate in a safe and sound
manner. The functions of the Finance Board include:
--prescribing rules and regulations governing the Bank System's
capital, lending, financial management, and investment activities;
--issuing policies governing the Bank System's financial management
and investment activities;
--maintaining Bank System financial and membership databases and
preparing reports on a regular basis;
--overseeing the implementation of the community investment and
affordable housing programs;
--conducting a biennial review of each member's community support
performance;
--issuing consolidated Federal Home Loan Bank obligations which are
joint and several obligations of all Federal Home Loan Banks;
--annually examining each Federal Home Loan Bank;
--requiring an independent financial audit of each Bank, the Office
of Finance, the Financing Corporation, and the Bank System;
--appointing public interest directors to the board of directors of
each Bank and establishing the rules by which the Banks elect the
remaining directors; and
--setting standards for the review and approval of applications for
Bank membership.
Regional Banks
The System includes 12 regional Federal Home Loan Banks that are mixed-
ownership Government corporations. Each Bank is managed by its board of
directors, and public interest and industry directors. The Finance Board
appoints the public interest directors, and the Banks conduct the
election of the remaining directors.
Capital and Sources of Funds The Banks' principal source of capital is
stock, which members are required by law to purchase upon joining the
Bank System, and which is redeemed upon a member's withdrawal from the
System. The Banks fund their lending activity through the issuance by
the Finance Board of Bank System consolidated obligations, which are the
joint and several liability of all the Banks. Member deposits are an
additional source of funds. Bank System consolidated debt is issued by
the Finance Board through the Office of Finance, the Bank System's
fiscal agent. The Banks' consolidated obligations are neither
obligations of, nor guaranteed by, the United States.
Operations The Banks' primary activity is extending secured loans
(advances) to member institutions. Advances are generally collateralized
by whole first mortgage loans and mortgage-backed securities, as well as
other high-quality assets. Under the Gramm-Leach-Bliley Act, advances to
community financial institutions may also be made to finance small
businesses, small farms, and small agribusinesses, and advances to such
members may be secured by secured small business loans and agricultural
loans.
Under the Affordable Housing Program (AHP), the Banks provide
subsidized advances or direct subsidies to Bank members engaged in
lending for long-term owner-occupied and affordable rental housing
targeted to households with very low, low, or moderate incomes. This
competitive program is financed from a specified percentage of each
Bank's previous year's net income. The greater of $100 million or 10
percent of the previous year's net income is available for the program.
Under the Community Investment Program (CIP), each Bank provides
advances priced at the Bank's cost of
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consolidated obligations of comparable maturities plus reasonable
administrative costs, to members engaged in community-oriented mortgage
lending.
Financing Corporation
The Financing Corporation (FICO) was established by the Competitive
Equality Banking Act of 1987 (12 U.S.C. 1441) with the sole purpose of
issuing and servicing bonds, the proceeds of which were used to fund
thrift resolutions. The Corporation has a three-member directorate,
consisting of the Managing Director of the Office of Finance and two
Federal Home Loan Bank presidents.
The Financing Corporation operates subject to the regulatory
authority of the Federal Housing Finance Board.
Sources of Information
Requests for information relating to human resources and procurement
should be sent to the Office of Resource Management, at the address
listed below.
For further information, contact the Executive Secretariat, Federal
Housing Finance Board, 1777 F Street NW., Washington, DC 20006. Phone,
202-408-2500. Fax, 202-408-2895. Internet, www.fhfb.gov.
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