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Washington
FHFA seeks comment on changes to use of secured loans
WASHINGTON (2/24/10)--The Federal Housing Finance Agency (FHFA) on Tuesday released for public comment proposed rules that amend its existing rules on advances to allow Community Financial Institution members to use secured loans "for community development activities as eligible collateral for advances" and to use "long term advances to fund community development activities." The amendments, which apply to the Federal Home Loan Bank Act, would also transfer the authority over advances and new business activities from the Federal Housing Finance Board's (FHFB) regulations to the FHFA and would classify secured loans from financial institutions to their affiliates or members as advances. Comments on the FHFA proposal must be received by April 26. For the announcement, as published in the Federal Register, use the resource link.
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