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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
March 8, 2002
#02-17 |
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E-mail:
[email protected] |
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AMERICA’S COMMUNITY BANKERS, 17 STATE GROUPS URGE ACTIVITY-BASED FHLBANK STOCK
WASHINGTON, D.C. — America’s Community Bankers and 17 state banking trade
groups have strongly renewed their request that the Federal Housing Finance
Board require all Federal Home Loan Bank capital plans to include an
activity-based stock purchase requirement.
In a letter to the FHFB on the eve of the agency’s first decision to approve
a Bank’s capital plan (the FHLBank of Seattle on Wednesday), the trade groups said:
“Requiring each FHLBank member to capitalize its own activities will mean that the
FHLBank’s programs in which members engage generally would not require additional
capitalization by non-participating FHLBank members.”
The groups further said that a combination of minimum capital requirements
for membership coupled with activity-based requirements “can prevent creation of separate
classes of membership with the potential of some members gaming the FHLBank for lower interest rates on advances, while others game the FHLBank for higher dividends. We strongly urge the Finance Board to adopt such a requirement.”
Most of the proposed capital plans contain an activity-based stock purchase requirement.
The letter is ATTACHED.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
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