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S 1439 119th Congress Senate Finance and Financial Sector

Federal Home Loan Banks' Mission Activities Act

Introduced: April 10, 2025 Introduced by: Cortez Masto, Catherine Democratic · Nevada See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 10, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 10, 2025
Introduced in Senate
 Plain-English summary Congressional Research Service

Federal Home Loan Banks' Mission Activities Act

This bill expands the Federal Home Loan Bank (FHLB) program that supports affordable housing, allows additional financial institutions to qualify for FHLB membership, and establishes compensation guidelines for FHLB executive officers. The 11 regional FHLBs serve as government-sponsored enterprises to support mortgage lending and related community investment through advances to member financial institutions.

First, each FHLB must increase the annual amount contributed to the affordable housing program or other community development programs. 

The bill also allows small credit unions and community development financial institutions to (1) qualify for FHLB membership by meeting reduced requirements, and (2) use advances for purposes other than mortgages, such as for small business activities.

Finally, the compensation for FHLB executive officers must be reasonable and comparable to compensation for similar positions at similar institutions. In determining such compensation, the FHLB must consider the level of investment in affordable housing and community programs.

What's happening now April 10, 2025

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.