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Legislative and Regulatory Update

Federal Housing Finance Board Final Rule: Affordable Housing Program Amendments. The Federal Housing Finance Board (Finance Board) is amended its Affordable Housing Program regulation to remove prescriptive requirements, clarify certain operational requirements, provide additional discretionary authority in certain areas, remove certain authorities, and otherwise streamline and reorganize the regulation. The final rule was effective January 1, 2007.

Federal Deposit Insurance Corporation Proposed Rule: Deposit Insurance Assessment and Federal Home Loan Bank Advances.
Comment letters were allowed through September 22, 2006. On August 23, 2006 the Federal Home Loan Bank of Dallas submitted a comment letter.

Federal Housing Finance Board (FHFB) Adopts Final Rule Limiting Excess Stock, December 22, 2006. The FHFB adopted a final rule prohibiting a Federal Home Loan Bank (Bank) from issuing new excess stock to members if the amount of member excess stock exceeds one percent of the Bank’s assets.  As part of its action, the Finance Board also finalized a provision of the proposed rule requiring that the Banks declare and pay dividends only out of known income. A press release was issued by FHFB announcing the adoption of the final rule.

Federal Housing Finance Board (FHFB) Finalizes Process For Appointing Public Interest Directors, March 27, 2007. The Board of Directors of the FHFB approved a final rule establishing procedures for the selection of appointed directors to the board of the Federal Home Loan Banks. On June 19, 2007 the FHFB Adopted the Final Rule for Financial Interests of Appointive Directors. More information can be found at www.FHFB.gov.

GSE Regulatory Reform, Update: On May 22, 2007 H.R. 1427 Federal Housing Finance Reform Act of 2007 was passed by the House of Representatives and on May 24, 2007 was submitted to the Senate Committee on Banking, Housing and Urban Affairs.  

For the Dallas Bank, the most important consideration in this debate is that the FHLBanks maintain a strong, independent safety and soundness regulator with access to sufficient resources to carry out its responsibilities.  The Dallas Bank believes that FHLBank regulation should be insulated from political influence in a manner similar to that provided by the structure of both the OCC and OTS.  Also critical is preservation of our mission throughout this process, especially in light of frequent comparisons between the FHLBank System and the other publicly owned and traded GSEs.

In addition, debt issuance authority for the FHLBanks must continue to be vested in the FHLBank System's Office of Finance, which should be structured as an office of the FHLBanks rather than the regulator in any new legislation.

Holiday Calendar
The Federal Home Loan Bank of Dallas will be closed in 2008 on the following days:

Bank holidays are scheduled to correspond with those of the Federal Reserve Bank.

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