ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release July 25, 2003 #03-27
E-mail: [email protected]

ACB’S STATEMENT ON JULY 24TH TREASURY LETTER

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The following is a statement from Diane Casey-Landry, President and CEO, America’s Community Bankers, on the July 24th joint letter sent by Treasury, HUD and the Finance Board to all Federal Home Loan Bank Chairmen on voluntary SEC registration.

America's Community Bankers strongly supports full and complete disclosure for the Federal Home Loan Banks. Further, we believe that the best public policy course is to reflect the unique nature of the System by allowing the banks to disclose financial information through their primary regulator rather than the SEC.

ACB is disappointed that the Administration does not support the banks making public financial disclosures through the Federal Housing Finance Board, pursuant to Section 12(i) of the Securities and Exchange Act of 1934.

ACB is pleased, however, that the Administration addresses several issues that ACB and other bank trade associations had raised in recent letters and meetings. First, the SEC informed the Banks that it would accept current accounting used by the System. Second, the Administration says that the “Finance Board would retain jurisdiction over combined reports.” Implicit to that statement is that no change in the cooperative structure of the System would be required for registration or disclosure purposes.

ACB looks forward to working closely with the Administration and the Finance Board to ensure the FHLB System continues to play its essential role in helping community banks to meet the nation’s housing needs.

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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