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  • Comment Detail

  • Date: 03/15/23
    First Name: Gary
    Last Name: Petersen
    Email: gary.petersen@cornerstonebanks.net
    Organization Type: other
    Organization: Cornerstone Bank

  • Comment

    March 15, 2023

    Re: FHLBank System at 100: Focusing on the Future

    Dear Director Thompson:
    Thank you for the opportunity to comment on the future of the Federal Home Loan Bank of Des Moines, of which we are a member, and the FHLBank System. As the Chairman of a community bank in the Dakotas I am acutely aware of the pivotal role the Banks play in providing liquidity and a vast array of programs to help rural areas of the country.
    Our partnership with the Des Moines FHLB empowers us to meet the funding needs of our communities by providing access to liquidity. The FHLB is the bedrock of our liquidity planning and strategy. The failed bank events of the last few days required consistent communication with our customers and other stakeholders that largely centered on our liquidity sources and availability. If this source of liquidity was curtailed or became unusable it would have a devastating impact on our ability to function as a community bank.
    The Banks are a critical and essential element of the nation’s financial infrastructure and their unique business model has ensured they are here for us and our communities in all economic cycles. In both good times and bad.
    Thank you for your consideration.
    Gary Petersen
    Chairman
    Cornerstone Bank
    Bismarck, ND