Profiles of Existing Government Corporations - US Government ...

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CORPORATION PROFILE
AFFILIATED AGEWCIRS: The Department of the Treasury, the
Comptroller of the Currency, thm Board of Governors of the
Federal Reserve System, and the Psdsral Rssa~e Banks are
authorized to make available to FHLBs for its uss and the use of
any FHLB, such reports, records and other information rolatrnq to
the condition of institutions applying for advances. Also, the
FHLBs are authorized as directed by the FRLBB to maks loans to
ths Fsdsral Savinqs and Loan Insurancs Corporation. The Federal
Service and Loan Advisory Council confers with FHLBB on specral
businsss conditions affacting FRLBs.
BUDGET STATUS: The budget statmmnts are included in the federal
budqet documents under the section "goverhssnt-sponsored
enterpriseam and are excluded from thm budqst totals.
TRRASURY STATUS: The Secratary of the Treaary is authorized, at
hia discrstion, to purchase any FHL.B's obligation and to use as a
public-debt transaction the proceeds of the sale of any
securities issued under the Second Liberty Bond Act, upon such
terms, conditions, or prim as hs shall datorsine. The purchase
of obligations by the Secretary of Traasury shall not exceed $4
billion. Each purchase of obligations by the Sscretary of
Treasury shall ba upon terms and conditions hs shall dstorsine.
RRPORTING STATUS: FRLBB shall, at least annually, reguiro
examination and report8 of all FHLRS in such form as the Board
shall prescribe.
LITIGATION STATUS: Each F?iLB has the powsr to sue and be sued,
to complain and to dafmd, in any court of competsnt
jurisdiction, state or fedoral.
l'IHANCIALAUDIT RRQWfRDlRNTS: Undsr ths Government Corporation
Control Act (GCCA), GAO is to perform a financial audit on a
calendar-year basis. GAO’s audits shall not be limited to
psriods during which govenmmt capital is invssted. Such audits
shall bo consistent with prfnciplss and procsdurss applicabie to
cosssrcial corporats transactions, and GAO shall be reisbursed
for the cost of thm audit. FRLBB shall at lsast annually require
exasinations and rsports of condition of all WLBs in such form
as ths Board shall prescribe. Examiners appointed by the Board
shall bo 8ubject to the same rsquirumt8, responsibilities and
ponaltios applicable to examiners of national banks and Federal
Reserve Ranka.
FINANCIAL AUDITOR: GAO, Indopsndsnt certified public accountants
-AUDIT RRQUIRRXBNTS: The Cosptrollor General shall evaluate
the rasults of a program or activity ths govarnsent carries out
under existing law.