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COMMUNITY SUPPORT STATEMENTS

Members of the Federal Home Loan Bank System are held to certain community-support standards, which were established by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), amended in 1997 and administratively amended in 2015. To ensure that these standards are met, the System's regulator, the Federal Housing Finance Agency, will review the System's membership biennially.

The Review Process
Under the amended regulation, every two years selected members must submit a Community Support Statement to the Finance Agency, where it is reviewed to determine if the member meets the community-support standards. In accordance with FIRREA, members must meet these standards to maintain access to long-term advances from the Federal Home Loan Bank. (The community-support regulation defines a "long-term" advance as any advance with a maturity of more than one year.)

The completed form will provide the Finance Agency with information about the member's most recent CRA evaluation and its measures to assist first-time home buyers. The completed Community Support Statement must be submitted to the Finance Agency by December 31, 2015, by email to hmgcommunitysupportprogram@fhfa.gov, or, if necessary, by fax to 202-649-4130.

Public Comments
In addition to the information provided by members, the Finance Agency wishes to consider public comments — both positive feedback and suggestions for improvement — on the community-support activities of the institutions under review. The Federal Home Loan Banks notify community groups and other interested members of the public of the institutions selected for review and ask for comments on their community-support activities.

Interested individuals or organizations may also submit comments on members to the Finance Agency by email or fax as noted above.

Federal Register Notice

Technical Assistance
The Federal Home Loan Bank of Boston can provide technical assistance to members selected for review and others with questions about the regulation or the review procedures. For technical assistance, please contact your community investment manager or relationship manager.

 

 
 
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