ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release October 3, 2003 #03-46
E-mail: [email protected]

AMERICA’S COMMUNITY BANKERS ADOPTS NEW POLICY POSITION ON REGULATOR OF THE FEDERAL HOME LOAN BANK SYSTEM

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WASHINGTON, D.C. — America’s Community Bankers, after receiving a sense of its board of directors supporting a change in policy, announced today that its executive committee has approved a new policy position regarding the regulator of the Federal Home Loan Bank System. The new policy is as follows:

“ACB supports the creation of a new independent regulator for the FHLBanks that is housed inside Treasury. This regulator must be established in a manner similar to the Office of Comptroller of the Currency and the Office of Thrift Supervision. The regulator should possess similar supervision and enforcement powers to those of federal banking regulators. Neither the Treasury Department (nor the independent government sponsored enterprise regulator unit) should have the ability to impede or limit the FHLBanks’ access to the capital markets. The legislation must ensure that the regulatory structure recognizes the unique characteristics of the Federal Home Loan Bank System.”

ACB’s previous policy position supported “maintenance of a dedicated independent regulator solely for the FHLBank System.” The Federal Housing Finance Board currently regulates the Bank System. The preference of ACB’s executive committee is that the new regulator should not be combined with the new regulator of Fannie Mae and Freddie Mac.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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