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), amended in 1997 and administratively amended in 2015. To ensure that these standards are met, the System's regulator, the Federal Housing Finance Agency, will review the System's membership biennially.
The 2017 CSS Review Process
Under the amended regulation, every two years selected members must submit a Community Support Statement 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.)
The completed form will provide the Finance Agency with information about the member's most recent CRA evaluation and its measures to assist first-time home buyers. The completed Community Support Statement must be submitted to the Finance Agency's online submission system no later than December 31, 2017.
Overview of CSS Requirements
- Members are required to complete and submit the CSS form, through the Finance Agency's electronic submission system, no later than Dec. 31, 2017.
- Members subject to CRA must meet both the CRA standard (Part I of the form) and the first-time homebuyer standard (Part II).
- Members not subject to CRA (i.e., credit unions and insurance companies) must meet only the first-time homebuyer standard (Part II).
- Any member not documenting adherence to the first-time homebuyer standard (Part II) will be restricted from access to FHLBank long-term advances and community investment products.
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 process. For technical assistance, please contact Paulette Vass, community
investment manager, or your relationship
manager, or send an email to email@example.com. Members can also review the Community Support Regulation.