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No-Action Letters, which were first issued in 1998, are written statements issued to a Federal Home Loan Bank or the Office of Finance providing that Federal Housing Finance Board staff will not recommend supervisory or other action to the Board of Directors for failure to comply with a specific provision of the Federal Home Loan Bank Act or a Finance Board rule, regulation, policy, or order, if the requester undertakes the proposed transaction or activity. The authority to issue, and the procedure for applying for, a No-Action Letter are found in sections 907.4, 907.6, and 907.7 of the Finance Board's Procedures regulation (12 C.F.R. §§ 907.4, 907.6, and 907.7). No-Action Letters are numbered in sequence by year with the prefix “NAL”, e.g., 2002-NAL-##. |