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Location of the territories for the 11 (previously 12) FHLBanks, post-merger of the Seattle and Des Moines banks in 2015. The Federal Home Loan Banks (FHLBanks, or FHLBank System) are 11 U.S. government-sponsored banks that provide liquidity to financial institutions to support housing finance and community investment.
The FHLBB was established as an independent agency by the Federal Home Loan Bank Act, July 22, 1932. [2] The Home Owners' Loan Corporation was established as an emergency agency under FHLBB supervision by the Home Owners' Loan Act of 1933, June 13, 1933.
The July 30, 2008, law enabling expanded regulatory authority over Fannie Mae and Freddie Mac increased the national debt ceiling by US$800 billion (equivalent to $1,111,800,000,000 in 2023), to a total of US$10.7 trillion in anticipation of the potential need for the Treasury to have the flexibility to support the federal home loan banks.
The Federal Housing Finance Agency (FHFA) is an independent federal agency in the United States created as the successor regulatory agency of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), and the U.S. Department of Housing and Urban Development government-sponsored enterprise mission team, [3] absorbing the powers and regulatory authority ...
and "trashed" the predecessor Federal Home Loan Bank Board; soon thereafter, the sign was changed to the "Office of Thrift Supervision". [3] Savings and Loan legislation—the Financial Institutions Reform, Recovery and Enforcement Act of 1989 —"abolished", [ 4 ] or renamed, the independent Federal Home Loan Bank Board to the Office of Thrift ...
The Fed has adjusted the rate differential between fed funds and ONRRP previously, but those changes were aimed at keeping the funds rate in the desired range or navigating periods of near-zero rates.
Pittsburgh branch staff was reduced during 2011-2012 from about 320 to 25 in three separate layoffs. Federal Reserve Bank of Cleveland Pittsburgh Branch, built from 1930 to 1931, located at 717 Grant Street in Downtown Pittsburgh and home to the bank until October, 2012.
The early 1980s saw a recession along with high interest rates, which stressed both thrift and other banking institutions considerably. [7] Negative net interest margins, due to the low interest earned on assets with high deposit interest expenses needed to retain deposits, caused a wave of thrift failures between 1981 and 1983. [1]