The Federal Housing Board's Responsibility for Safety and Soundness and Mission Regulation of the Federal Home Loan Bank System


Book Description

A hearing to discuss the General Accounting Office (GAO) audit of the Federal Housing Finance Board, which is the safety & soundness & mission regulator of the Federal Home Loan Bank. Witnesses: Richard S. Carnell, Assist. Sec. of the Treasury for Financial Institutions; Nancy R. Kingsbury, Acting Assistant Comptroller General, General Government Programs, GAO, accompanied by Thomas J. McCool, Dir., Financial Institutions & Markets; & Bruce A. Morrison, Chairman, Federal Housing Finance Board. Also includes a prepared statement submitted by Federal Housing Finance Board Director J. Timothy O'Neill.
















Oversight of the Federal Home Loan Bank System


Book Description




Federal Housing Finance Board


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Financial Regulation


Book Description

The Federal Home Loan Bank System faces additional risks due to the development of new products such as direct mortgage purchase programs. Responding to concern about the methods used for admin. decisionmaking, and the ability of the Fed. Housing Finance Board (FHFB) to fulfill its critical mission to regulate the safety and soundness of the System, the GAO was asked to: (1) compare the FHFB chair's admin. authorities with those of other financial regulators and discuss the basis for that authority; (2) assess FHFB's compliance with selected statutes and regulations. in connection with an Aug. 2002 reduction-in-force carried out as part of an agency reorganization; and (3) assess FHFB's progress in enhancing its FHLBank safety and soundness exam'n. program.




Oversight Hearing on the Federal Home Loan Bank System


Book Description




Federal Housing Finance Board


Book Description

Reviews the Federal Housing Finance Board's (FHFB) safety and soundness and mission compliance oversight. Evaluates (1) FHFB's annual safety and soundness and mission compliance examinations of FHFB banks; (2) other aspects of FHFB's oversight; and (3) the status of FHFB's involvement in System business. The System consists of 12 regional FHFB banks, each with its own board of directors and management, that are cooperatively owned and controlled by member institutions in their districts. However, each FHFB bank is jointly and severally liable for the System's consolidated debt. Charts and tables.