The regulatory tug-of-war between the Federal Home Loan Bank System and the Bush administration over the need for voluntary stock disclosures with the Securities and Exchange Commission apparently has triggered an in-depth inquiry into the banks’ operations and affordable housing activities. The Department of the Treasury, the administration’s main proponent of bringing government-sponsored enterprises under the SEC’s stock disclosure regime, is doing a study of the FHLBanks’ profitability and ability to meet their primary