[Federal Register Volume 84, Number 60 (Thursday, March 28, 2019)]
[Notices]
[Pages 11782-11783]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-05980]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2019-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 applicable Federal Home Loan Bank (Bank) members 
in 2019 under FHFA's community support requirements regulation. This 
Notice invites the public to comment on the community support 
performance of individual members.

DATES: Public comments on individual Bank members' community support 
performance must be submitted to FHFA on or before April 29, 2019.

ADDRESSES: Comments on members' community support performance should be 
submitted to FHFA by electronic mail at 
[email protected] or by fax to 202-649-4308.

FOR FURTHER INFORMATION CONTACT: Deattra Perkins, Senior Policy 
Analyst, at [email protected] or 202-649-3133, 
Division of Housing Mission and Goals, 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 a Bank member must 
meet in order to maintain access to long-term 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(a), (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 1, 2019, each member that is subject to 
community support review will be required to use an online form to 
submit to FHFA a completed Community Support Statement, executed by an 
appropriate senior officer of the member. All Community Support 
Statements for this review cycle must be submitted using the online 
form by October 31, 2019. 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 April 29, 2019, on 
the community support performance of Bank members. 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, with the name and address of each member subject to community 
support review. 12 CFR 1290.2(c)(1). FHFA may provide copies of 
comments received on a member's community support performance to the 
member's Bank, including any personal information provided by the 
commenter such as name, address, email address, and telephone number.
    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 performance of members being reviewed in 2019 
must be submitted to FHFA, either by electronic mail to 
[email protected], or by fax to 202-649-4308, on or 
before April 29, 2019. 12 CFR 1290.2(c)(2).
    The names of applicable 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, 
Massachusetts, New Hampshire, Rhode Island, Vermont) http://www.fhlbboston.com/communitydevelopment/programs/support_statements.jsp
Federal Home Loan Bank of New York--District 2 (New Jersey, New York, 
Puerto Rico) http://www.fhlbny.com
Federal Home Loan Bank of Pittsburgh--District 3 (Delaware, 
Pennsylvania, West Virginia) https://www.fhlb-pgh.com/Files/Resources/CSS.pdf
Federal Home Loan Bank of Atlanta--District 4 (Alabama, District of 
Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, 
Virginia) https://corp.fhlbatl.com/community-support-program/
Federal Home Loan Bank of Cincinnati--District 5 (Kentucky, Ohio, 
Tennessee) https://www.fhlbcin.com
Federal Home Loan Bank of Indianapolis--District 6 (Indiana, Michigan) 
http://www.fhlbi.com
Federal Home Loan Bank of Chicago--District 7 (Illinois, Wisconsin) 
https://www.fhlbc.com/community-investment/community-support-statements
Federal Home Loan Bank of Des Moines--District 8 (Alaska, Guam, Hawaii, 
Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South 
Dakota, Utah, Washington, Wyoming) https://www.fhlbdm.com
Federal Home Loan Bank of Dallas--District 9 (Arkansas, Louisiana, 
Mississippi, New Mexico, Texas)

[[Page 11783]]

https://www.fhlb.com/membership/Pages/Community-Support-Standards.aspx
Federal Home Loan Bank of Topeka--District 10 (Colorado, Kansas, 
Nebraska, Oklahoma) https://www.fhlbtopeka.com/community-programs-community-support-statements
Federal Home Loan Bank of San Francisco--District 11 (Arizona, 
California, Nevada) http://www.fhlbsf.com/community/grant/community-support-review.aspx

    Dated: March 22, 2019.
Joseph M. Otting,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2019-05980 Filed 3-27-19; 8:45 am]
BILLING CODE 8070-01-P