In August, 2022, the Federal Housing Finance Agency launched a comprehensive review of the FHLBank System. Dubbed “FHLBank System at 100: Focusing on the Future,” the review consisted of three opening listening sessions, 19 regional roundtables, two comment periods, and three wrap-up listening sessions. In total, more than 600 comment letters were submitted to FHFA by various stakeholders.
In announcing the review, FHFA noted that the FHLBank System has been a critical source of liquidity for its members, especially during times of market stress, and that the FHLBanks support low-income housing and community development. FHFA Director Sandra Thompson noted that the purpose of the review was to “ensure [the FHLBanks] remain positioned to meet the needs of today and tomorrow.”
The FHLBank System embraced this review and noted it was appropriate to reflect on the mission and role of the FHLBanks and whether the mission could be enhanced to better serve the needs of communities, financial institutions, and markets in the years to come. The Council of FHLBanks submitted an initial comment letter in October, 2022 and a second comment letter in March, 2023. Ryan Donovan, CEO of the Council of FHLBanks participated in the initial listening session as well as the first of the three wrap-up sessions.