Federal Home Loan Banks' Mission Activities Act
This bill appears to be dead.
No action recorded in 1 year, 2 months. The structural status reflects an earlier milestone, not current activity.
This bill expands the Federal Home Loan Bank (FHLB) program that supports affordable housing, allows additional financial institutions to qualify for FHLB membership, and establishes compensation guidelines for FHLB executive officers. The 11 regional FHLBs serve as government-sponsored enterprises to support mortgage lending and related community investment through advances to member financial institutions. First, each FHLB must increase the annual amount contributed to the affordable housing program or other community development programs. The bill also allows small credit unions and community development financial institutions to (1) qualify for FHLB membership by meeting reduced requirements, and (2) use advances for purposes other than mortgages, such as for small business activities. Finally, the compensation for FHLB executive officers must be reasonable and comparable to compensation for similar positions at similar institutions. In determining such compensation, the FHLB must consider the level of investment in affordable housing and community programs.
Filed in the Senate
This senate bill has been filed and is working its way through Congress. It will need to pass both the Senate and the House, then be signed by the President to become law.
Who introduced this
Catherine Cortez Masto
DemocratU.S. Senator · NV
Introduced solo — no cosponsors joined.
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