Rep. Cleaver Highlights Federal Home Loan Bank Review, Applauds Biden Administration’s Efforts to Strengthen Housing and Community Development

(Washington, D.C.) – Today, U.S. Representative Emanuel Cleaver, II (D-MO) highlighted this week’s release of the Federal Housing Finance Agency’s (FHFA) FHLBank System at 100: Focusing on the Future report, the first comprehensive review of the Federal Home Loan Bank (FHLBank) System in decades. The FHLBank system has played a key role in the nation’s housing finance system since its creation over 90 years ago.  

“When I speak with families in my congressional district and across the country, I am constantly reminded about the affordable housing crisis that is weighing down families and limiting economic opportunity in communities. I’m pleased that FHFA Director Sandra Thompson and the Biden Administration are taking important steps to evaluate how the FHLBanks can increase support for affordable housing and community development and continue to serve as a stable and reliable source of liquidity for their members” said Congressman Cleaver. “For nearly a century, the FHLBank System has supported low-income housing and community development, either directly or by extending low-cost liquidity to members so they can serve their communities. However, the System itself and the realities of the mortgage market and broader financial system have evolved significantly since the FHLBank System was created in 1932. I’m pleased to see the Biden Administration’s commitment to ensuring the FHLBanks are efficient, stable, and best positioned to meet their mission — and I look forward to working with the FHFA in implementing key recommendations in the report.

The FHLBank System at 100: Focusing on the Future initiative featured robust public engagement over the course of the past year, including listening sessions and regional roundtables as well as multiple opportunities for written input from stakeholders. FHFA drew on the feedback received through this public engagement along with its own extensive analysis when preparing the report, which includes recommendations for how the FHLBank System could effectively fulfill its mission. FHFA expects the initiative to continue as a multi-year, collaborative effort with stakeholders to address the recommended actions in the report.

Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Greenwood, Blue Springs, North Kansas City, Gladstone, and Claycomo. He is a member of the exclusive House Financial Services Committee and Ranking Member of the House Subcommittee on Housing and Insurance.