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FHLBs To Move Away From Being Lenders Of Last Resort

US
  • Bloomberg reports that the FHFA will move FHLBs away from serving as lenders of last resort for financial firms in turmoil, with the intention of pushing banks towards the Federal Reserve’s discount window in times of market stress.
  • The full report is due to be published later today.
  • Other points of interest: “Among the major changes, the Federal Housing Finance Agency, which oversees FHLBs, will propose a rule to force many banks to hold 10% of their assets in mortgage loans to maintain access to the FHLBs. The regulator is also exploring new guardrails for lending money to troubled institutions and tougher stress tests."
  • “The regulator is looking at consolidating some of the 11 FHLBs scattered across the country. The FHFA didn’t say which of the institutions could be on the chopping block. Sandra Thompson, who runs the agency, could slash the number to eight without any involvement from Congress.”
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