REITs have long sought access to the FHLB system — particularly to the low rates at the advance window. The recent Treasury recommendation may finally give those aspirations new hope.
In October, the Federal Home Loan Bank of San Francisco reached a $3.6 million settlement with two former executives in its Washington, DC, office of legislative and regulatory affairs who claimed they were the victims of racial discrimination. There’s just one problem: Despite apparently reaching an agreement during mediation, the bank didn’t pay up.
Banks and thrifts racked up $571 billion of advances from the Federal Home Loan Bank system at the end of 2018, a 3.3% sequential gain but off 1.9% from a year ago, according to an analysis by Inside The GSEs. [Includes one data chart.]
Despite four years of effort by the Federal Housing Finance Agency, members of the Federal Home Loan Bank system have made only marginal improvements in diversity on their boards, according to a report released late last month by the Government Accountability Office.