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2010-12-09
article
Use of Community Development Loans by Community Financial Institutions To Secure Advances; Secured Lending by Federal Home Loan Banks to Members and Their Affiliates; Transfer of Advances and New Business Activity Regulations
Rules and Regulations
D09002ee1be3252f6
D09002ee1be32539b
United States
Federal Housing Finance Board
originator
org
United States Government Agency or Subagency
United States
Federal Housing Finance Agency
originator
org
United States Government Agency or Subagency
Section 1211 of the Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Home Loan Bank Act (Bank Act) to expand the types of eligible collateral that community financial institution (CFI) members may pledge to secure Federal Home Loan Bank (Bank) advances to include secured loans for community development activities and to allow Banks to make long term advances to CFI members for purposes of financing community development activities. Section 1211 further provides that the Federal Housing Finance Agency (FHFA) shall define the term ``community development activities'' by regulation. To implement these provisions, FHFA is amending the advances regulation to allow CFI members to pledge community development loans as collateral for advances and is adopting a definition of ``community development'' as proposed. The final rule also will transfer the advances and new business activities rules from parts 950 and 980 of the Federal Housing Finance Board (FHFB) regulations, to new parts 1266 and 1272 of the FHFA regulations, respectively, and make other conforming amendments. Finally, the final rule will make a change to the advances regulation to incorporate a long-standing policy previously established by the FHFB that secured lending to a member of any Bank is an advance that must meet the requirements of the advances regulation. The final rule language has been clarified to assure that certain types of transactions, such as derivatives, will not be considered secured lending for the purposes of this provision. The new provision addressing secured lending does not include a prohibition on secured transactions with affiliates of members, as was initially proposed.
75 FR 76617
https://www.govinfo.gov/app/details/FR-2010-12-09/2010-30519
2010-30519
fr09de10-2
RIN 2590-AA24
8070-01-P
https://www.govinfo.gov/app/details/FR-2010-12-09/2010-30519
https://www.govinfo.gov/content/pkg/FR-2010-12-09/html/2010-30519.htm
https://www.govinfo.gov/content/pkg/FR-2010-12-09/pdf/2010-30519.pdf
Community Development
Credit
Federal Home Loan Banks
Housing
Reporting and Recordkeeping Requirements
8 p.
76617
76624
75 FR 76617
Code of Federal Regulations
Title 12 Part 1264
12 CFR Part 1264
Code of Federal Regulations
Title 12 Part 1266
12 CFR Part 1266
Code of Federal Regulations
Title 12 Part 1269
12 CFR Part 1269
Code of Federal Regulations
Title 12 Part 1272
12 CFR Part 1272
Code of Federal Regulations
Title 12 Part 950
12 CFR Part 950
Code of Federal Regulations
Title 12 Part 980
12 CFR Part 980
Regulation Identification Number 2590-AA24
RIN 2590-AA24
Use of Community Development Loans by Community Financial Institutions To Secure Advances; Secured Lending by Federal Home Loan Banks to Members and Their Affiliates; Transfer of Advances and New Business Activity Regulations; Federal Register Vol. 75, Issue
RULE
2010-30519
FEDERAL HOUSING FINANCE BOARD
FEDERAL HOUSING FINANCE AGENCY
2011-01-10
8070-01-P
2010-30519
Final rule.
Section 1211 of the Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Home Loan Bank Act (Bank Act) to expand the types of eligible collateral that community financial institution (CFI) members may pledge to secure Federal Home Loan Bank (Bank) advances to include secured loans for community development activities and to allow Banks to make long term advances to CFI members for purposes of financing community development activities. Section 1211 further provides that the Federal Housing Finance Agency (FHFA) shall define the term ``community development activities'' by regulation. To implement these provisions, FHFA is amending the advances regulation to allow CFI members to pledge community development loans as collateral for advances and is adopting a definition of ``community development'' as proposed. The final rule also will transfer the advances and new business activities rules from parts 950 and 980 of the Federal Housing Finance Board (FHFB) regulations, to new parts 1266 and 1272 of the FHFA regulations, respectively, and make other conforming amendments. Finally, the final rule will make a change to the advances regulation to incorporate a long-standing policy previously established by the FHFB that secured lending to a member of any Bank is an advance that must meet the requirements of the advances regulation. The final rule language has been clarified to assure that certain types of transactions, such as derivatives, will not be considered secured lending for the purposes of this provision. The new provision addressing secured lending does not include a prohibition on secured transactions with affiliates of members, as was initially proposed.
The final rule is effective on January 10, 2011.
Thomas E. Joseph, Senior Attorney Advisor, thomas.joseph@fhfa.gov, (202) 414-3095 (not a toll-free number); Office of General Counsel, Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552; or Julie Paller, Senior Financial Analyst, julie.paller@fhfa.gov, 202-408-2842 (not a toll-free number); Division of Federal Home Loan Bank Regulation, Federal Housing Finance Agency, 1625 Eye Street, NW., Washington, DC 20006. The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877-8339.
Community Development
Credit
Federal Home Loan Banks
Housing
Reporting and Recordkeeping Requirements
Use of Community Development Loans by Community Financial Institutions to Secure Advances:
Secured Lending by Federal Home Loan Banks to Members and their Affiliates; Transfer of Advances and New Business Activity Regulations
,
julie.paller@fhfa.gov
thomas.joseph@fhfa.gov
http://www.fhfa.gov
Federal Register
Vol. 75, no. 236
Office of the Federal Register, National Archives and Records Administration
2010-12-09
continuing
daily
deposited
born digital
319 p.
Table of Contents:
AE 2.7:
GS 4.107:
AE 2.106:
KF70.A2
https://www.govinfo.gov/app/details/FR-2010-12-09
P0b002ee180b7518c
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0042-1219
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https://www.govinfo.gov/app/details/FR-2010-12-09
https://www.govinfo.gov/content/pkg/FR-2010-12-09/pdf/FR-2010-12-09.pdf
https://www.govinfo.gov/content/pkg/FR-2010-12-09/xml/FR-2010-12-09.xml
fdlp
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DGPO
2010-12-09
2023-05-17
FR-2010-12-09
machine generated
eng
FR
FR-2010-12-09
75
236