The Federal Home Loan Bank Board (FHLBB), now known as the Federal Housing Finance Board, is a governing body consisting of five individuals. Its primary role is to supervise the operations of the 12 Federal Home Loan Banks. These banks play a crucial role in facilitating home purchases by offering loans to various banks and lenders. Established in 1932, the FHLBB’s responsibilities were further broadened in 1989.
The Federal Home Loan Bank Board (FHLBB), now known as the Federal Housing Finance Board, is a group of five independent individuals responsible for overseeing the 12 Federal Home Loan Banks. Established by the Federal Home Loan Bank Act of 1932 and amended by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the FHLBB has various responsibilities. One of their main tasks is to ensure that the Federal Home Loan Banks comply with government regulations. Additionally, they monitor the financial stability of these banks and ensure they provide support to their members, including community banks and credit unions. In times of economic stress, the FHLBB can also provide funding to the Federal Home Loan Banks, enabling them to continue supporting their members and maintaining stability in the housing market. These examples highlight the FHLBB’s role in promoting housing market stability and assisting community banks and credit unions when necessary.
FHLBB stands for Federal Home Loan Bank Board.
The FHLBB was a regulatory agency that supervised and regulated the savings and loan industry in the United States from 1932 to 1989.
No, the FHLBB was abolished in 1989 and its responsibilities were transferred to the Office of Thrift Supervision (OTS).
The FHLBB was responsible for issuing charters to savings and loan associations, regulating their activities, and ensuring their compliance with federal laws and regulations.
Yes, the FHLBB had the authority to take enforcement actions against savings and loan associations that violated laws or regulations, including issuing cease and desist orders, removing officers and directors, and imposing civil penalties.
The savings and loan crisis of the 1980s, which resulted in the failure of many savings and loan associations, led to the abolition of the FHLBB. The crisis exposed significant weaknesses in the regulatory framework and oversight of the industry.
The Office of Thrift Supervision (OTS) replaced the FHLBB as the primary regulatory agency for savings and loan associations. However, the OTS itself was abolished in 2011, and its responsibilities were transferred to the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB).
As the FHLBB no longer exists, there are no ongoing legal issues specifically related to it. However, legal issues related to the savings and loan industry and the fallout from the savings and loan crisis may still arise.
Yes, historical information about the FHLBB can be found in various sources, including government archives, libraries, and online resources.
The abolition of the FHLBB marked a significant shift in the regulatory landscape for the savings and loan industry. It led to the implementation of new regulatory frameworks and oversight mechanisms to prevent a similar crisis from occurring in the future.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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