Borrowings by members of the Federal Home Loan Bank System increased 25.8% in the first quarter driven by COVID-19-related volatility. On the other end, the FHLBanks reported a huge drop in combined earnings with the San Francisco FHLB incurring a first-quarter loss.
Most of the FHLBanks’ COVID-19 relief programs have been initiated at the district level, resulting in considerable variations in scale and generosity.