In the policy dialogue on how the U.S. financial structure will move forward from the current crisis, the Federal Home Loan Banks have repeatedly been called “a system that works.”
Member-bank customers must meet conservative collateral, capital and credit requirements. To be advanced funds from a Federal Home Loan Bank, a local bank must simultaneously purchase stock in the Federal Home Loan Bank proportional to the level of borrowing. This self-capitalizing mechanism keeps Federal Home Loan Bank capital ratios strong.
The debt issued by the Federal Home Loan Banks is rated “triple A.” One thing the high rating reflects: the System operates on a “joint and several” basis. Translation: if any individual Federal Home Loan Bank would ever be unable to pay a creditor, the other eleven Banks would be required to step in and cover the debt.
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