Founded in 1932, Federal Home Loan Banks are privately-owned wholesale banks that were formed to provide low-cost funding to their financial institution members, similar to what corporate CUs do. FHLBs are geared to ensuring mortgage liquidity, however, unlike Freddie Mac and Fannie Mae they are not just a provider of housing financing. They provide small business, community development, rural and agricultural loans. Unlike Freddie and Fannie, FHLBs are not publicly-traded. They are part of a cooperative system where their member financials are the stockholders. The Office of Finance is the fiscal agent for FHLBs and the regulatory body is the Federal Housing Finance Board.
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