Comment Detail

Comment

The reliability of FHLBank System as a liquidity source to the Bank's members has enabled the banking industry to ultimately support homeownership and community development in a significant way. The liquidity provided by FHLB has proven to be consistent and readily available through the years reinforcing the FHLB's commitment to its members and communities in times of market disruptions and/or uncertainty making FHLB a primary source of liquidity to many. Through their foundational liquidity mission, the FHLB has added stability to the banking system and housing markets by advancing secured funds to its members at reasonable costs bolstering progress in the communities.

For the Puerto Rico banking industry, FHLB has been a fundamental secured liquidity source to not only fulfill day to day liquidity needs but also as reliable contingency funding. Moreover, the FHLB has provided liquidity assistance for clients through other programs such as grants, which have benefited our local community following challenging times such as hurricane Maria and the 2020 earthquakes. The close business relationship between FHLB and the Bank throughout the years can attest to their continued commitment in the Island's economic development.

The FHLBank's mission statement should acknowledged that the support they provide to the communities through the liquidity provided to their members not only benefits affordable housing but also greatly promotes economic development as well as the ability to make home buying a possibility for everyone. It should also recognize that they cultivate and maintain close relationships with its members and the communities where they serve to ensure needs are genuinely assessed over time and met at every level.