3.0.0 1684 2023-01-11T13:50:11Z 2023-01-11T13:50:11Z Senate S 2021-05-18 117 ssfi00 Finance Committee Senate Standing Referred to 2021-05-18T21:20:55Z Federal Home Loan Banks’ Mission Implementation Act 117 3323 HR 2021-05-18 Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Identical bill CRS 2021-05-18 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-05-18 Introduced in Senate IntroReferral 10000 9 Library of Congress C001113 Sen. Cortez Masto, Catherine [D-NV] Catherine Cortez Masto D NV N L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2021-05-18 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2021-05-18 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2021-07-29 False P000145 Sen. Padilla, Alex [D-CA] Alex Padilla D CA 2021-07-30 False Finance and Financial Sector Cardiovascular and respiratory health Child care and development Community life and organization Correctional facilities and imprisonment Economic development Emergency medical services and trauma care Government corporations and government-sponsored enterprises Government lending and loan guarantees Housing and community development funding Housing finance and home ownership Housing supply and affordability Infectious and parasitic diseases Infrastructure development Low- and moderate-income housing Rural conditions and development Securities Small business Finance and Financial Sector 00 2021-05-18 Introduced in Senate 2021-10-25T15:36:58Z Federal Home Loan Banks' Mission Implementation Act

This bill generally expands the ability of Federal Home Loan Banks (FHLBs) to provide advances and grants for activities related to small businesses, affordable housing, and community development. The 11 regional FHLBs serve as government-sponsored enterprises to support mortgage lending and related community investment through advances to member financial institutions. These advances are secured by assets such as mortgages and other loans.

Specifically, the bill allows FHLBs to provide advances that are secured by (1) loans guaranteed by the Small Business Administration, and (2) certain loans made in response to the economic impact of the COVID-19 pandemic and guaranteed or insured by the federal government.

The bill also expands the availability of advances to certain community development financial institutions and credit unions. It also gives the Federal Housing Finance Agency discretion in setting the average asset maximum for certain community financial institutions to qualify for an advance. However, this maximum must not be more than $10 billion. Currently, a community financial institution must have less than $1 billion in average total assets to qualify.

Furthermore, the bill exempts from taxation for two years after the conclusion of the COVID-19 emergency period certain municipal bonds guaranteed by an FHLB.

The bill also increases the percentage of earnings FHLBs must annually contribute to the Affordable Housing Program and sets aside a specified percentage to benefit tribes under this program.

]]> Federal Home Loan Banks' Mission Implementation Act Display Title Federal Home Loan Banks' Mission Implementation Act Official Title as Introduced A bill to strengthen the ability of the Federal Home Loan Bank system to provide critical financing to address the economic crisis caused by the COVID-19 pandemic and to meet the short- and long-term housing and community economic development needs of low-income communities, including Tribal communities, and for other purposes. Introduced in Senate IS Short Title(s) as Introduced Federal Home Loan Banks' Mission Implementation Act Introduced in Senate IS Introduced in Senate 2021-05-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s1684is/xml/BILLS-117s1684is.xml 2021-05-18 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.