Profiles of Existing Government Corporations - US Government ...

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NMR: Federal Home Loan Bank8 (lWLBa)**
CORPDRATION PROPILE
PVRPOSE: FHLBa 8erves as central bank8 for member a88ociation8
by:
-- lending funds in the form of advance8 to member inStitUtiOn8
for saving8 withdraWal@, seasonal need@, expansion of
mOZ%gag@ lending, and 8pecial purposes SUCh as COmmXIity
inve8tment:
-- accepting d@pOSitS, and collecting and settling checks drafts
and other items:
-- providing services such as l conomic analyses, interest
rate svapa, and letter8 of credit: and
-- providing other services as authorized.
LEGAL AVlBORITY: 12 U.S.C. 1421-1449
DATE CREATED: July 22, 1932
LSCISLATLID TERXINATIOM MTX: Succ88810n Until diS#OlVed by the
Board or by an act of Congress.
LEGAL STATVS: nixed-ovnerahip government corporation
AGBlCY STA’RJB: Not 8pecified in the enabling legi8lation
BOARD OI D mE!Sr The Board conSi8t8 of 14 mmbera for each
bank. tight of the 14 directors shall be elected by the member
institutions for 2-year tenas. The remining six sharl be
public-intere8t aerbers appointed by the ?ederal Hare Loan Bank
Board (FHLBB) for d-year terms. In any di8trict which inClUde8
five or more states, the Bohrd may, by regulation, increeae the
elective dir@CtOrS to a number not exceeding 13 and may incraaae
th@ SppOi?ItiV@ dire&Or@ t0 a nUb@r not exceeding three-fourth8
the number of elective dir@CtOrS.
ADVISORY BOAR0 NmRERs: None
PAREwrAGLcBIcy: None specified in enabling hgi81atiOn.a
**THIS PROrILE INPORXATION WAS CONTAINED IN GAO’S 1981 X?J!TERENCE
HANVAL AND WAS NOT UPDATED BZCAUSI! THE CORPORATION DID NOT
RESPOND To A NRITI'EN REQVEST TO PROVIDE REVISED INIORMATIOH.
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