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It was established by Congress in 1932 and today consists of 11 regional FHLBanks that operate as one system, cross-guaranteeing each other’s debts. Additionally, other recommendations were made to update aspects of how the FHLBanks operate to reflect the current environment rather than what existed many decades ago.
This allowed its regulator, the Federal Housing Finance Agency (FHFA) – which declared itself to be their conservator – to operate the companies in lieu of their stockholders and boards. The first event occurred in September of 2008 when the government placed the GSEs into conservatorship during the great financial crisis.
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