Legislation1w ago
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To authorize implementation grants to community-based nonprofits to operate one-stop reentry centers.
HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
S1439119th CongressWALLET
Federal Home Loan Banks' Mission Activities Act
Sponsored By: Senator Sen. Cortez Masto, Catherine [D-NV]
Introduced
Summary
Would expand the Federal Home Loan Banks' role in financing affordable housing and community development. It would broaden the Banks' tools, add more community lenders as members, and tie executive pay to mission goals.
Show full summary
- Families and renters would gain more support for long-term, low- and moderate-income housing through grants and subsidized advances, with a minimum annual Affordable Housing Program funding of $200 million and a requirement to allocate 30 percent of the prior year's net income to the program starting in 2025.
- Community financial institutions such as credit unions and certified community development financial institutions would become eligible members under new criteria, including an asset threshold of less than $1 billion in average total assets over the prior 3 years or CDFI certification.
- Federal Home Loan Banks would be allowed to use grants, subsidized financing, advances, and credit enhancements to support members, would face new executive compensation rules that link pay to mission outcomes and regional benchmarks, and would have to provide an annual collateral report to Congress.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
More affordable housing help from Banks
If enacted, each Federal Home Loan Bank would create an Affordable Housing Program to finance long-term low- and moderate-income owner and rental housing. The Program could subsidize interest on advances or provide grants, and member lenders must pass subsidies on to borrowers. Starting in 2025, Banks must put 30% of the prior year's net income toward affordable housing or community development and together must provide at least $200 million each year. After a declared disaster, the Director could allow temporary leasing of Bank-assisted vacant units to displaced households regardless of income.
More Bank membership for small lenders
If enacted, smaller institutions could join Federal Home Loan Banks more easily. Institutions with insured deposits and under $1 billion in average total assets (3-year average) could qualify as community financial institutions for membership. CDFI-certified institutions would also qualify. This could give more small banks, credit unions, and community development lenders access to Bank advances and programs.
Bank executive pay tied to mission
If enacted, the Director would set reasonable compensation rules for Federal Home Loan Bank executives using regional Federal Reserve Banks as a benchmark. The Director must consider mission-investment metrics when setting pay. Pay could exceed regional levels if Banks meet mission targets.
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Sponsors & CoSponsors
Sponsor
Sen. Cortez Masto, Catherine [D-NV]
NV • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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