Notice2023-03603
Federal Home Loan Bank Community Support Program-Opportunity To Comment on Members Subject to Review
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 22, 2023
Issuing agencies
Federal Housing Finance Agency
Abstract
The Federal Housing Finance Agency (FHFA) is announcing that FHFA will review all Federal Home Loan Bank (Bank) members subject to community support review in 2023 under FHFA's community support requirements regulation. This Notice invites the public to comment on the community support performance of members subject to the review.
Full Text
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<title>Federal Register, Volume 88 Issue 35 (Wednesday, February 22, 2023)</title>
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[Federal Register Volume 88, Number 35 (Wednesday, February 22, 2023)]
[Notices]
[Pages 10899-10900]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-03603]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2023-N-3]
Federal Home Loan Bank Community Support Program--Opportunity To
Comment on Members Subject to Review
AGENCY: Federal Housing Finance Agency.
ACTION: Notice.
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SUMMARY: The Federal Housing Finance Agency (FHFA) is announcing that
FHFA will review all Federal Home Loan Bank (Bank) members subject to
community support review in 2023 under FHFA's community support
requirements regulation. This Notice invites the public to comment on
the community support performance of members subject to the review.
DATES: Public comments on individual Bank members' community support
performance must be submitted to FHFA on or before March 24, 2023.
ADDRESSES: Comments on members' community support performance should be
submitted to FHFA by electronic mail at
<a href="/cdn-cgi/l/email-protection#6901040e0a0604041c07001d101a1c1919061b1d191b060e1b0804290f010f08470e061f"><span class="__cf_email__" data-cfemail="d0b8bdb7b3bfbdbda5beb9a4a9a3a5a0a0bfa2a4a0a2bfb7a2b1bd90b6b8b6b1feb7bfa6">[email protected]</span></a> or by fax to (202) 777-1209.
FOR FURTHER INFORMATION CONTACT: Mike Price, Senior Policy Analyst,
Division of Housing Mission and Goals, (202) 649-3134,
<a href="/cdn-cgi/l/email-protection#cc81a5afa4ada9a0e29cbea5afa98caaa4aaade2aba3ba"><span class="__cf_email__" data-cfemail="eea3878d868f8b82c0be9c878d8bae8886888fc0898198">[email protected]</span></a>; Shannon Fountain, Senior Policy Analyst,
Division of Housing Mission and Goals, (202) 649-3501,
<a href="/cdn-cgi/l/email-protection#faa9929b94949594d4bc958f948e9b9394ba9c929c9bd49d958c"><span class="__cf_email__" data-cfemail="24774c454a4a4b4a0a624b514a50454d4a64424c42450a434b52">[email protected]</span></a>; Tiffani Moore, Supervisory Policy Analyst,
(202) 649-3304, <a href="/cdn-cgi/l/email-protection#0e5a6768686f6067204361617c6b4e6866686f20696178"><span class="__cf_email__" data-cfemail="e1b5888787808f88cfac8e8e9384a187898780cf868e97">[email protected]</span></a>, Federal Housing Finance Agency,
Ninth Floor, 400 Seventh Street SW, Washington, DC 20219.
SUPPLEMENTARY INFORMATION:
I. Community Support Review
Section 10(g)(1) of the Federal Home Loan Bank Act (Bank Act)
requires FHFA to promulgate regulations establishing standards of
community investment or service that Bank members must meet in order to
maintain access to long-term Bank advances. See 12 U.S.C. 1430(g)(1).
The regulations promulgated by FHFA must take into account factors such
as the Bank member's performance under the Community Reinvestment Act
of 1977 (CRA), 12 U.S.C. 2901 et seq., and the Bank member's record of
lending to first-time homebuyers. See 12 U.S.C. 1430(g)(2). Pursuant to
section 10(g) of the Bank Act, FHFA has promulgated a community support
requirements regulation that establishes standards and criteria a Bank
member must meet in order to maintain access to long-term Bank advances
and establishes review criteria FHFA must apply in evaluating a
member's community support performance. See 12 CFR part 1290. The
regulation includes standards and criteria for the two statutory
factors--members' CRA performance and members' record of lending to
first-time homebuyers. 12 CFR 1290.3. Only members subject to the CRA
must meet the CRA standard. 12 CFR 1290.3(b). All members subject to
community support review, including those not subject to the CRA, must
meet the first-time homebuyer standard. 12 CFR 1290.3(c). Members that
have been certified as community development financial institutions
(CDFIs) are deemed to be in compliance with the community support
requirements and are not subject to periodic community support review,
unless the CDFI member is also an insured depository institution or a
CDFI credit union. 12 CFR 1290.2(d). In addition, FHFA will not review
an institution's community support performance until it has been a Bank
member for at least one year. 12 CFR 1290.2(e).
Under the regulation, FHFA reviews each applicable member once
every two years. Starting April 3, 2023, each member that is subject to
community support review will be required to submit a completed
Community Support Statement to FHFA. All Community Support Statements
for this review cycle must be submitted by October 31, 2023. FHFA will
review the community support performance of each member after receiving
the member's completed Community Support Statement.
II. Public Comments
FHFA encourages the public to submit comments by March 24, 2023, on
the community support performance of Bank members subject to community
support review. Each Bank is required to post a notice on its public
website and to notify its Advisory Council, nonprofit housing
developers, community groups, and other interested parties in its
district of the opportunity to submit comments on the community support
programs and activities of Bank members subject to community support
review, with the name and address of each such member. 12 CFR
1290.2(c)(1). In reviewing a member for community support compliance,
FHFA will consider any public comments it has received concerning the
member. 12 CFR 1290.2(c)(3). To ensure consideration by FHFA, comments
concerning the community support
[[Page 10900]]
performance of members subject to community support review must be
submitted to FHFA, either by electronic mail to
<a href="/cdn-cgi/l/email-protection#4d25202a2e22202038232439343e383d3d223f393d3f222a3f2c200d2b252b2c632a223b"><span class="__cf_email__" data-cfemail="2941444e4a4644445c47405d505a5c5959465b5d595b464e5b4844694f414f48074e465f">[email protected]</span></a>, or by fax to (202) 777-1209, on or
before March 24, 2023. 12 CFR 1290.2(c)(2).
The names of members currently subject to community support review
can be found on the public websites for the individual Banks at:
Federal Home Loan Bank of Boston--District 1 (Connecticut, Maine,
Massachusetts, New Hampshire, Rhode Island, Vermont) <a href="https://www.fhlbboston.com/fhlbank-boston/hci-community-support#/">https://www.fhlbboston.com/fhlbank-boston/hci-community-support#/</a>
Federal Home Loan Bank of New York--District 2 (New Jersey, New York,
Puerto Rico, U.S. Virgin Islands) <a href="https://www.fhlbny.com/">https://www.fhlbny.com/</a>
Federal Home Loan Bank of Pittsburgh--District 3 (Delaware,
Pennsylvania, West Virginia) <a href="https://www.fhlb-pgh.com/Files/Resources/CSS.pdf">https://www.fhlb-pgh.com/Files/Resources/CSS.pdf</a>
Federal Home Loan Bank of Atlanta--District 4 (Alabama, District of
Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina,
Virginia) <a href="https://corp.fhlbatl.com/community-support-program/">https://corp.fhlbatl.com/community-support-program/</a>
Federal Home Loan Bank of Cincinnati--District 5 (Kentucky, Ohio,
Tennessee) <a href="https://www.fhlbcin.com/who-we-are/membership/community-support-program/">https://www.fhlbcin.com/who-we-are/membership/community-support-program/</a>
Federal Home Loan Bank of Indianapolis--District 6 (Indiana, Michigan)
<a href="https://www.fhlbi.com/services/affordable-housing/">https://www.fhlbi.com/services/affordable-housing/</a>
Federal Home Loan Bank of Chicago--District 7 (Illinois, Wisconsin)
<a href="https://www.fhlbc.com/community-investment/community-support-program">https://www.fhlbc.com/community-investment/community-support-program</a>
Federal Home Loan Bank of Des Moines--District 8 (Alaska, American
Samoa, Guam, Hawaii, Idaho, Iowa, Northern Mariana Islands, Minnesota,
Missouri, Montana, North Dakota, Oregon, South Dakota, Utah,
Washington, Wyoming) <a href="https://www.fhlbdm.com/legal/community-support-statements/">https://www.fhlbdm.com/legal/community-support-statements/</a>
Federal Home Loan Bank of Dallas--District 9 (Arkansas, Louisiana,
Mississippi, New Mexico, Texas) <a href="https://www.fhlb.com/membership/community-support-program">https://www.fhlb.com/membership/community-support-program</a>
Federal Home Loan Bank of Topeka--District 10 (Colorado, Kansas,
Nebraska, Oklahoma) <a href="https://www.fhlbtopeka.com/community-programs-community-support-statements">https://www.fhlbtopeka.com/community-programs-community-support-statements</a>
Federal Home Loan Bank of San Francisco--District 11 (Arizona,
California, Nevada) <a href="http://www.fhlbsf.com/community-programs/community-support-review">www.fhlbsf.com/community-programs/community-support-review</a>
Sandra L. Thompson,
Director, Federal Housing Finance Agency.
[FR Doc. 2023-03603 Filed 2-21-23; 8:45 am]
BILLING CODE 8070-01-P
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