2019 Community Support Statements
posted on Friday, March 29, 2019 in Business News
The Federal Housing Finance Agency’s (FHFA) Community Support Requirements regulation (12 CFR 1290) requires all Federal Home Loan Bank (FHLBank) member financial institutions to document their community support activities for the FHFA every two years, by submitting a Community Support Statement to the FHFA.
To maintain access to long-term FHLBank advances and Community Programs, FHLBank members must meet certain standards of community investment or service. In its Community Support Review, the FHFA takes into account the member's performance under the Community Reinvestment Act of 1997 (CRA) and the member's record of lending to first-time homebuyers.
Members subject to review this cycle are listed below. Each institution should complete their Community Support Statement and submit it between April 1, 2019 and October 31, 2019. Please note that the First-Time Homebuyer Standard (Part II) applies to all members, except for those with "Outstanding" CRA ratings. Members subject to CRA requirements must also complete the CRA Standard (Part I).
The FHFA also encourages members of each FHLBank's Advisory Council, non-profit housing developers, community groups and other interested parties in that FHLBank's district to submit public comments on the community support activities of the institutions under review. To ensure consideration by the FHFA, comments concerning the performance of members must be submitted by April 29, 2019.
FHLB Des Moines Members Subject to Community Support Review