The Federal Home Loan Bank Act, , is a

United States federal law The law of the United States comprises many levels of codified and uncodified forms of law, of which the most important is the nation's Constitution, which prescribes the foundation of the federal government of the United States, as well as ...

passed under President

Herbert Hoover Herbert Clark Hoover (August 10, 1874 – October 20, 1964) was an American politician who served as the 31st president of the United States from 1929 to 1933 and a member of the Republican Party, holding office during the onset of the Gr ...

in order to lower the cost of home ownership. It established the

Federal Home Loan Bank Board The Federal Home Loan Bank Board (FHLBB) was a board created in 1932 that governed the Federal Home Loan Banks (FHLB or FHLBanks) also created by the act, the Federal Savings and Loan Insurance Corporation (FSLIC) and nationally-chartered thrifts ...

to charter and supervise federal

savings and loan Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word , which is from an I ...

institutions. It also created the

Federal Home Loan Bank The Federal Home Loan Banks (FHLBanks, or FHLBank System) are 11 U.S. government-sponsored banks that provide liquidity to the members of financial institutions to support housing finance and community investment. Overview The FHLBank System was ...

s which lend to building and loan associations, cooperative banks, homestead associations, insurance companies, savings banks, community development financial institutions, and insured depository institutions in order to finance home

mortgage A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any ...

Amendments

Successful

The act was notably amended by

Financial Institutions Reform, Recovery and Enforcement Act of 1989 The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds ...

, which transferred regulation of thrifts to the

Office of Thrift Supervision The Office of Thrift Supervision (OTS) was a United States federal agency under the Department of the Treasury that chartered, supervised, and regulated all federally chartered and state-chartered savings banks and savings and loans associatio ...

Proposed

On November 21, 2013, Rep.

Steve Stivers Steven Ernst Stivers ( ; born March 24, 1965) is an American businessman and politician who was the U.S. representative for from 2011 until 2021. He is a member of the Republican Party, and became chair of the National Republican Congressional ...

introduced the bill To amend the Federal Home Loan Bank Act to authorize privately insured credit unions to become members of a Federal home loan bank (H.R. 3584; 113th Congress) into the

United States House of Representatives The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the lower chamber of the United States Congress, with the Senate being the upper chamber. Together they ...

. The bill would amend the Federal Home Loan Bank Act to treat certain privately insured

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provisi ...

s as insured depository institutions for purposes of determining eligibility for membership in a federal home loan bank. The bill was scheduled to be voted on under a

suspension of the rules In parliamentary procedure, a suspension of the rules allows a deliberative assembly to set aside its normal rules to do something that it could not do otherwise. However, there are rules that cannot be suspended. Explanation of use Rules are ess ...

on May 6, 2014.

References

Notes

External links

Federal Home Loan Bank ActPDFdetails
as amended in the GPObr>Statute Compilations collection

History and text of the Act at the Federal Housing Finance Agency web page
{{Bank regulation in the United States, state=collapsed 1932 in American law 72nd United States Congress United States federal banking legislation United States federal housing legislation Mortgage legislation