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; or Neil Crowley, Deputy General Counsel, (202) 343-1316, or Thomas E. Joseph, Senior Attorney-Advisor, (202) 414-3095 (not toll-free numbers), 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 Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.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 (System) Office of Finance (OF), issues debt ("consolidated obligations") on which the Federal Home Loan Banks (Banks) are jointly and severally liable and publishes combined financial reports on the Banks. The OF is governed by a board of directors, the composition and functions of which are determined by FHFA’s regulations. The FHFA’s experience with the System and with the OF’s combined financial reports during the recent period of market stress suggests that the OF and the System could benefit from a reconstituted and strengthened board. Consequently, the FHFA published a proposed regulation for comment on August 4, 2009, which was intended to achieve that end. The proposal had a comment period of 60 days, but the FHFA has decided to extend the comment period an additional 30 days.
DATES: Comments on the proposed regulation must be received on or before November 4, 2009. For additional information, see SUPPLEMENTARY INFORMATION.