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    <abstract>The Federal Housing Finance Board (Finance Board) is amending its regulation on the community support requirement. The rule replaces the existing review process with uniform community support standards all Federal Home Loan Bank (FHLBank) members must meet in order to maintain access to long-term FHLBank advances, and review criteria the Finance Board must apply when determining a member's compliance with the standards. Consistent with the goals of the Regulatory Reinvention Initiative of the National Performance Review, the rule streamlines the regulatory requirements to reduce the time spent by FHLBank members to prepare and submit, and the Finance Board to review and process, community support submissions.</abstract>
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        <summary>The Federal Housing Finance Board (Finance Board) is amending its regulation on the community support requirement. The rule replaces the existing review process with uniform community support standards all Federal Home Loan Bank (FHLBank) members must meet in order to maintain access to long-term FHLBank advances, and review criteria the Finance Board must apply when determining a member's compliance with the standards. Consistent with the goals of the Regulatory Reinvention Initiative of the National Performance Review, the rule streamlines the regulatory requirements to reduce the time spent by FHLBank members to prepare and submit, and the Finance Board to review and process, community support submissions.</summary>
        <dates>The final rule will become effective June 30, 1997.</dates>
        <contact>Penny S. Bates, Program Analyst, Community Support Program, Office of Supervision, 202/408-2574, or, Janice A. Kaye, Attorney-Advisor, Office of General Counsel, 202/408- 2505, Federal Housing Finance Board, 1777 F Street, N.W., Washington, D.C. 20006.</contact>
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