The Federal Housing Finance Agency said on Feb. 23 that it will review all applicable Federal Home Loan Bank members in 2023 under FHFA’s community support program regulation, and it will seek public comment as part of that process.
FHLBank members are required to submit a community support statement once every two years that describes their community support activities. Specifically, members must demonstrate compliance with Community Reinvestment Act performance—if they are subject to the CRA—and their record of lending to first-time homebuyers. Members that fail to meet the criteria may be unable to access FHLBank advances with a term to maturity greater than one year.
FHFA is seeking public comment on the performance of individual members as part of its review. Comments must be submitted to the agency by March 24. For more information, contact ABA’s Joe Pigg.