All but one of the regional banks experienced a sequential decline in net income, but most reported an increase in voluntary contributions to mission-related activities. (Includes data table.)

Although outstanding advances increased slightly in the second quarter, most large banks and thrifts cut FHLBank borrowing from first-quarter levels. (Includes two data tables.)

The FHFA watchdog said the Division of Home Loan Bank Regulation should provide more explicit guidance on how the FHLBanks coordinate with other regulators.

Senate Democrats note that FHLBank Boston CEO Timothy Barrett received $3.1 million in compensation last year while the bank contributed just $2 million to its affordable housing program.

The Federal Home Loan Banks as well as credit unions argue the FHLBanks’ mission was established by Congress, so only Congress can change it. Consumer advocates, meanwhile, are happy with the Federal Housing Finance Agency’s effort to redefine the mission.

Many mortgage industry trade groups believe changing the mission of the Federal Home Loan Bank system is Congress’ responsibility rather than that of the FHFA.

Two of the new proposed rules are directed at Fannie Mae and Freddie Mac. The other three relate to the Federal Home Loan Banks.

The FHLBank of Chicago followed the FHLBank of San Francisco in accepting mortgage collateral that uses the new credit score model.

FHFA issued an RFI on how to simplify and improve the efficiency of the competitive application process for the FHLBanks’ Affordable Housing Programs.

The new Federal Advisory Committee on Affordable, Equitable and Sustainable Housing includes a who’s who of housing finance experts, equitable housing advocates and industry representatives.