Board of Directors of Federal Home Loan Bank System Office of Finance
Board of Directors of Federal Home Loan Bank System Office of Finance
FOR FURTHER INFORMATION CONTACT: Joseph A. McKenzie, (202) 408–2845, Division of Federal Home Loan Bank Regulation, Federal Housing Finance Agency, 1625 Eye Street, NW., Washington, DC 20006; Neil Crowley, Deputy General Counsel, (202) 343–1316; or Thomas E. Joseph, Senior Attorney-Advisor, (202) 414–3095, Office of General Counsel, Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.
SUMMARY: Governed by the Federal Housing Finance Agency’s (FHFA) regulations, the Federal Home Loan Bank System’s (Bank System) Office of Finance issues debt ("consolidated obligations") as agent for the Federal Home Loan Banks (Banks) on which the Banks are jointly and severally liable and publishes combined financial reports on the Banks so that members of the Bank System, investors in the consolidated obligations, and other interested parties can assess the strength of the Bank System that stands behind them. The Office of Finance (OF) is governed by a board of directors, the composition and functions of which are determined by FHFA’s regulations. FHFA’s experience with the Bank System and with the OF’s combined financial reports during the recent period of market stress suggests that the OF and the Bank System could benefit from a reconstituted board and strengthened audit committee. This regulation is intended to achieve that end.
DATES: This rule is effective June 2, 2010.