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ARTICLE · 16 SEPTEMBER 2021

FHLB Membership Guidance Released By FHFA

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On September 9, 2021, the Federal Housing Finance Agency ("FHFA") released guidance regarding Federal Home Loan Bank ("FHLB") membership eligibility.

United StatesInsurance
Lawrence Hamilton
Lawrence Hamilton
Jeffrey Taft
Jeffrey Taft
Matthew Bisanz
Matthew Bisanz
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On September 9, 2021, the Federal Housing Finance Agency ("FHFA") released guidance regarding Federal Home Loan Bank ("FHLB") membership eligibility.1 In particular, the guidance discusses the effect of certain types of mergers on FHLB membership eligibility and the eligibility of insurance companies. The guidance continues FHFA's narrow and restrictive approach to membership eligibility and does not reverse its longstanding concerns regarding membership for captive insurers.

Background

The FHLB Act restricts membership in the FHLB System to US-based insured depository institutions, community development financial institutions and insurance companies that make home mortgage loans.2 In recent years, FHFA has construed this restriction narrowly to exclude licensed insurance companies whose primary business is underwriting insurance for affiliates.3 As a result of this regulatory change, a number of captive insurance companies lost their FHLB system membership in

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