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  • Comment Detail

  • Date: 10/24/22
    First Name: Kenneth
    Last Name: Mahon
    Email: kenneth.mahon@dime.com
    Organization Type: other
    Organization: Dime Community Bank

  • Comment

    My name is Kenneth Mahon and I have worked in the banking industry for over 40 years, as the CFO, CEO and now Executive Chairman of the $12.5 billion asset Dime Community Bank in New York.

    In my opinion, there have been many half-truths and straw man arguments critical of the role of the FHL Banks (‘Banks’) circulating publicly this year.

    Let’s agree that the Banks are not going away any time soon – they are too critical a part of the nation’s financial infrastructure. Let’s also accept that there might be a wider role to play for the Banks in prudent housing finance; and that certain governance enhancements are feasible.

    It is sensible to seek a strong, productive and calm dialogue about the prudent mission of the Banks in today’s economy. However, certain public, agenda-driven attacks against the Banks have been counter-productive and wasteful of everyone’s time and energy, including that of the FHFA.

    In summary, before we reinvent the system, let’s also be sure that the legacy stakeholders have a voice in designing the mission, so that prudent lending and a safe balance sheet remain foundational elements of any future changes.