Page 53 - September October 2018 Disruption Report Flip Book

FEDERAL HOME LOAN BANK SEJPATN.U-AORCYT.20210818
FEDERAL HOME LOAN BANKS
FHFA proposes amendments to the FHLB System’s existing regulations on housing goals
In an October 29th notice, the Federal Housing Finance Agency issued a notice seeking comment on proposed amendments to regulations governing housing goals for the FHLBs. Under the proposed rule, FHFA would set a single prospective mortgage purchase housing goal as a share of each FHLB’s total Acquired Member Asset (AMA) purchase and set a new small member participate housing goal for participation by small institution.
This proposal, which seeks to replace four separate housing goals with one goal, intends to eliminate the volume threshold and instead allow the FHLBs to propose different goal levels for mortgage purposes and small member participation, subject to FHFA approval. The proposed rule also would eliminate the existing $2.5 billion volume threshold, which triggers the application of the housing goals for each FHLB.
“To be successful housing goals should lead the FHLBanks to make affordable housing part
of their business plans for AMA,” said FHFA Director Mel Watt. “The overall approach of the proposed amendments will encourage FHLBanks and their members to build on the strengths of the AMA program to assist targeted borrower groups in a safe and sustainable manner.” (Daily Dose, 10/29/18)
The FHLBanks Office of Finance announce new CEO
The Federal Home Loan Banks Office of Finance’s board of directors has appointed Randolph C. Snook as CEO, succeeding John D. Fisk, effective January 1, 2019. Having spent more than three decades in the securities industry, Fisk brings to the Office of Finance extensive management, industry and policy experience, in particular in fixed income capital markets, trading and underwriting. John Fisk, who was appointed CEO of the Office of Finance in 2008, will continue as an Advisor to the OF until March 1, 2019.
Since 2005, Mr. Snook has served as the EVP of Business Policies & Practices for the Securities Industry and Financial Markets Association (SIFMA), where he is responsible for overseeing SIFMA’s three U.S. business groups—Capital Markets, Private Client and Asset Management— as well as Technology and Operations, Research, and Member Engagement. Before joining SIFMA, Snook held several senior positions at Goldman Sachs, including co-head of the Credit Capital Markets New Issue Desk, co-head of the Corporate Bond Business Unit and head of the Investment Grade Syndicate. Mr. Snook became a partner at Goldman Sachs in 2000.
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