Federal Home Loan Bank Community Support Amendments
Federal Home Loan Bank Community Support Program-Administrative Amendments
FOR FURTHER INFORMATION CONTACT: Melissa Allen, Principal Program Analyst, (202) 649-3130, Charles McLean, Special Assistant to the Deputy Director, (202)649-3155, #HMGCommunitySupportProgram@fhfa.gov, Division of Housing Mission and Goals, or Kevin Sheehan, Associate General Counsel, (202) 649-3086, Office of General Counsel, 400 Seventh Street SW., Washington, DC 20024. (These are not toll-free numbers.) 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 Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.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: The Federal Housing Finance Agency (FHFA) is issuing a final rule amending its community support regulation to streamline and simplify the administrative process requirements under the regulation. The amendments will not affect the substantive requirements of the regulation, which include FHFA review and assessment of applicable members of the Federal Home Loan Banks (Banks) every two years, or change the criteria for determining member compliance with the community support standards and eligibility for access to long-term Bank advances. The amendments will replace the current process of selecting one-eighth of all applicable members for eight quarterly reviews by FHFA over a two-year review cycle, with a new process of FHFA reviewing all applicable members at the same time every two years.