Volume 10 - Number 29
February 10, 2012
FHLB Members Pan Proposed CRA Verify Rule
A proposed rule by the Federal Housing Finance Agency to require Federal Home Loan Banks to verify a member’s Community Reinvestment Act (CRA) rating, as well as to be responsible for overseeing members’ compliance with the FHFA’s first-time homebuyers standards, would be an unnecessary and unwelcome change, according to public commenters.
Issued in November, the proposal would replace the current practice in which members submit to the Finance Agency the community support statement.
Instead, FHLBanks would review a member’s CRA rating using publicly-available information from the Federal Financial Institutions Examination Council or from the member’s federal banking regulator.
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