Effective July 22, 1932 Statutes at Large 47 Stat. 725 | Public law 72-304 | |
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Long title An Act to create Federal Home Loan Banks, to provide for the supervision thereof, and for other purposes. Nicknames Federal Home Loan Bank Act of 1932 Enacted by the 72nd United States Congress | ||
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 building and loan associations, cooperative banks, homestead associations, insurance companies, savings banks, community development financial institutions, and insured depository institutions in order to finance home mortgages.
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Successful
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.
Proposed
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. 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. The bill was scheduled to be voted on under a suspension of the rules on May 6, 2014.