Federal Home Loan Bank Act

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The Federal Home Loan Bank Act, Pub.L. 72–304, 47 Stat. 725, enacted July 22, 1932, is a United States federal law passed under President Herbert Hoover in order to lower the cost of home ownership. It established the Federal Home Loan Bank Board to charter and supervise federal savings and loan institutions. It also created the Federal Home Loan Banks which lend to S&Ls in order to finance home mortgages.

The act was not effective in reaching its goals, since it could basically only loan money to people who didn't need it. In its first two years of operation, from 1932-34, 41,000 applications for direct loans were received, of which only three were approved.[1]



The act was notably amended by Financial Institutions Reform, Recovery and Enforcement Act of 1989, which transferred regulation of thrifts to the Office of Thrift Supervision.


On November 21, 2013, Rep. Steve Stivers introduced the bill To amend the Federal Home Loan Bank Act to authorize privately insured credit unions to become members of a Federal home loan bank (H.R. 3584; 113th Congress) into the United States House of Representatives.[2] The bill would amend the Federal Home Loan Bank Act to treat certain privately insured credit unions as insured depository institutions for purposes of determining eligibility for membership in a federal home loan bank.[2] The bill was scheduled to be voted on under a suspension of the rules on May 6, 2014.[3]



  1. ^ Jackson, Kenneth T. (1985). Crabgrass Frontier: The Suburbanization of the United States. New York: Oxford University Press. ISBN 0-19-504983-7. , p.194
  2. ^ a b "H.R. 3584 - Summary". United States Congress. Retrieved 4 May 2014. 
  3. ^ Marcos, Cristina (2 May 2014). "The week ahead: House to hold ex-IRS official in contempt". The Hill. Retrieved 5 May 2014. 

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