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WAIVERS
Waivers, which were first issued in 1998, are written statements issued by the Board of Directors to a Federal Home Loan Bank, a Federal Home Loan Bank member, or the Office of Finance that waive a provision, restriction, or requirement of a Federal Housing Finance Board rule, regulation, policy, or order, or a required submission of information, not otherwise required by law, in connection with a particular transaction or activity. A Waiver can be granted only if it is not inconsistent with the law and does not adversely affect any substantial existing rights, and upon a determination that application of the provision, restriction, or requirement would adversely affect achievement of the purposes of the Federal Home Loan Act, or upon a showing of good cause.
The authority to issue, and the procedure for applying for, a Waiver are found in sections 907.2, 907.6, and 907.7 of the Finance Board's Procedures regulation (12 C.F.R. §§ 907.2, 907.6, and 907.7).
To apply for a Waiver, 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:
- A resolution of the board of directors of the Bank or the Office of Finance concurring in the substance and authorizing filing of the request.
- 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].”
Waivers are numbered in sequence by year with the prefix “WV”, e.g., 2002-WV-##.
To access Waivers, click here. |