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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 1, 2002
#02-14 |
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E-mail:
[email protected] |
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AMERICA’S COMMUNITY BANKERS OFFERS CONDITIONAL SUPPORT FOR MULTI-DISTRICT FHLBANK MEMBERSHIPS
WASHINGTON, D.C. — America’s Community Bankers announced its conditional support today
for multiple Federal Home Loan Bank memberships to meet the changing needs of the
system’s members, if the Federal Housing Finance Board has the statutory authority.
In a comment letter to the FHFB, ACB said that, if it is determined that the law will allow it, members of the FHLBanks should be permitted to be concurrent members of more than one FHLBank where it has deposit-taking branches.
ACB supplied a legal opinion from the law firm of Venable, Baetjer, Howard & Civiletti, LLP, that the FHFB likely has the authority to grant concurrent membership in contiguous or adjoining FHLBank districts, but its legal authority to interpret the statute to permit concurrent memberships in non-adjoining district is less clear.
ACB said that any changes in current policies must consider both future FHLBank participation and membership as well as the current practice of holding companies having memberships in more than one FHLBank.
New guidelines and conditions will be necessary, ACB said, to ensure that the system continues to benefit all of its members, and that no members receive disparate treatment.
ACB and other trade groups co-hosted a roundtable in January to discuss the issues and assist in the development of policy.
The comment letter is available by fax or by clicking
HERE
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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