WASHINGTON, DC (Sept. 28, 2022) — The Federal Home Loan Bank (FHLBank) System is a “mission-driven, community-centered, and member-focused system” that works to support housing, jobs, and economic growth in all economic cycles, FHLBank Council President and CEO Ryan Donovan will say during his remarks to kick off the Federal Housing Finance Agency’s (FHFA) Listening Session, “FHLBank System at 100: Focusing on the Future.”
Donovan plans to provide remarks on the following topics:
The FHLBank System is “Mission Driven”: The activities of the FHLBanks encourage homeownership and community development by providing liquidity to the U.S. financial system through member institutions. The System’s current $500 billion outstanding is designed to be “elastic” – to grow and shrink based on member’s needs. “This strengthens the nation’s financial system … and empowers FHLBank members to do what they do best – serve their customers, members and communities in all parts of the country.”
The FHLBank System is “Community-Centered”: Execution of the FHLBank mission allows the System to support affordable housing in their regions. Since 1990, the System’s Affordable Housing Program (AHP) has delivered more than $7 billion in grants and subsidized loans to affordable housing initiatives across the country. In addition to the AHP statutory requirement, most FHLBanks make voluntary contributions and engage in other community investment programs. “AHP is a floor, not a ceiling, on our commitment to addressing housing affordability,” Ryan said. “The Home Loan Banks don’t just have an impact through their members; they have a direct impact on the communities within the regions they serve.”
The FHLBank System is “Member-Focused”: As member-owned cooperatives, the FHLBanks have a fiduciary responsibility to treat all members equally regardless of size. FHLBank services “level the playing field” by providing members’ access to the capital markets – “all vital to the wellbeing of their communities and many of which rely on advances as the only way to manage interest rate and liquidity risks.”
The FHFA Listening Session will begin at 12:30 ET with a welcome and introduction by Director Sandra Thompson. Donovan is scheduled to present at 12:45 p.m. ET.
