| Members of the Federal Home
Loan Bank System are held to certain community-support standards,
which were established by the Financial Institutions Reform,
Recovery and Enforcement Act of 1989 (FIRREA) and amended in
1997. To ensure that these standards are met, the System's regulator,
the Federal Housing Finance Agency, selects a portion of the
System's membership to review each quarter.
The Review Process
Each member selected for review must complete a Community
Support Statement, which provides the Finance Agency with
information about the member's most recent CRA evaluation
and its measures to assist first-time home buyers.
Under the amended regulation, a member sends its statement
directly to the Finance Agency, where it is reviewed to determine
if the member meets the community-support standards. In accordance
with FIRREA, members must meet these standards to maintain
access to long-term advances from the Federal Home Loan Bank.
(The community-support regulation defines a "long-term"
advance as any advance with a maturity of more than one year.)
Public Comments
In addition to the information provided by members, the Finance
Agency wishes to consider public comments — both positive
feedback and suggestions for improvement — on the community-support
activities of the institutions under review. Each quarter,
the Federal Home Loan Banks notify community groups and other
interested members of the public of the institutions selected
for review and ask for comments on their community-support
activities.
Interested in providing public comment? View the list of
members
selected for review this quarter.
Technical Assistance
The Federal Home Loan Bank of Boston can provide technical
assistance to members selected for review and others with
questions about the regulation or the review procedures. For
technical assistance, please contact your community
investment manager or relationship
manager.
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