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  • Comment Detail

  • Date: 07/09/24
    First Name: Alan
    Last Name: Blackham
    Email: alanb@cbutah.com
    Organization Type: organization
    Organization: Central Bank

  • Comment

    Thank you for the opportunity to allow us to comment on the mission of the FHLB Banking System. The FHLB system was created by congress almost 100 years ago back in 1932 for the purpose of providing liquidity and funding for banks to be able to support mortgage lending, economic development and affordable housing.

    Central Bank is a community bank that has served Utah County for over 130 years. As other banks have come and gone throughout the years, Central Bank has provided a steady, reliable and consistent service to our community for all those years. We couldn't have done it without the support of FHLB of Seattle and now FHLB of Des Moines. Despite the fact that we have several secondary sources of liquidity and funding (ie. correspondent banks, brokered deposits, etc.), like Central Bank is to our community, FHLB of Des Moines is to our bank......steady and reliable. We count on them to be there for us and to provide that valuable resource to our bank so that we can continue to provide those services to our community. I think I can honestly say, that without our FHLB we would not have been able to continue to serve our community the way we do. In fact, I am not sure we would even still be in existence.

    FHLB of Des Moines is vital to our success. It is my understanding that it was congress that originally determined the mission of the FHLB system and it is my understanding that it is Congress that should be tasked to make any changes to that mission. However, whatever the case may be, I encourage congress/FHFA to ensure that should any changes be recommended or made that we are able to continue to have the same access to the liquidity resources and services that we have access to today. It is vitally important to us as a community bank and to the community banking system in general. I urge you to consider what impact your decision will have on the individuals, families, and communities that we serve.

    Thank you again for allowing us the opportunity to share with you our thoughts and how important the mission of the FHLB is to us.

    Sincerely,

    Alan Blackham
    Executive VP & CFO
    Central Bank
    Provo, UT