CEO Newsletter 7/11/2020
last updated on Saturday, July 11, 2020 in Letters from the CEO
We’ve seen many things over the last 75+ days, both good and bad and we’ve felt a range of emotions, some we may never have experienced before. If there’s one thing that’s remained true throughout this trying time it’s that hardship is always easier to navigate with support. Friends, family, loved ones, we are constantly reminded that we are not alone, help is available and together we’ll weather this uncertain time and come out better on the other side.
This sentiment of partnership, support and reliability is one I’ve felt throughout my time in the FHLBank System and now, as your President and CEO, it’s my driving force. FHLB Des Moines is committed to supporting our members and communities, come what may. Your institutions are the life blood of local economies and as your trusted partner we take our support role seriously. By providing agile solutions like accepting Paycheck Protection Program (PPP) loans as collateral, temporarily adjusting our eligibility guidelines on pledged collateral or extending the application deadline for the Competitive Affordable Housing Program, we aimed to lighten the burden during a hectic time.
We recognized that the needs of your communities were varied but urgent and that the most important thing the Bank can do for you at this time is to continue to be a stable and reliable source of funding. In response, we offered Special Relief Funding on 3-month or 6-month advances to help you fund your PPP loans and access to $10 million in low-cost funds through Community Investment Advances, advances specifically designed to support small business lending, economic development and housing needs. We've also made changes and clarifications to our mortgage products in response to the needs of our members and their customers. These are just a few of the ways our partnership has prospered over the past few months.
I’m also very encouraged by the community collaboration I’ve seen. The Bank was proud to partner with the Iowa Banker’s Association and others to fund $40,000 in support of a local food bank, we’ve teamed up with Greater Des Moines Partnership to dedicate $25,000 in funding to support small businesses and our COVID-19 related disaster relief requests from across our district have been funded to the tune of more than $70,000. However, this is just a small drop in the bucket compared to what you, our members, have been able to do in your own communities.
As we begin to find our “new normal”, we remain committed to keeping you informed and equipped with the information you need, providing strategic tools and resources and remaining your stable source of funding. I encourage you to look through our COVID-19 landing page for all the latest updates and information. Please don’t hesitate to contact your Relationship Manager for any product needs or questions you may have. I’m also here as a resource, feel free to email me with anything that’s on your mind, I’ll do my best to help.
That’s what support is all about, being there for each other always, because we know you need it now more than ever.
All my best,