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Simple English definitions for legal terms
Federal Housing Finance Board
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A quick definition of Federal Housing Finance Board:
Federal Housing Finance Board: A group of five people who work for the government and make sure that 12 banks that help people buy homes are doing a good job. They used to be called the Federal Home Loan Bank Board and were created in 1932. They were changed in 1989 by a law called the Financial Institutions Reform, Recovery, and Enforcement Act.
A more thorough explanation:
The Federal Housing Finance Board is an independent federal board consisting of five members. Its primary responsibility is to supervise the 12 Federal Home Loan Banks. The board was established by the Federal Home Loan Bank Act of 1932 and was formerly known as the Federal Home Loan Bank Board. The Act was amended by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
One example of the Federal Housing Finance Board's responsibilities is to ensure that the Federal Home Loan Banks are operating in a safe and sound manner. This includes monitoring their financial performance and ensuring that they are complying with applicable laws and regulations.
Another example is the board's role in approving the issuance of debt securities by the Federal Home Loan Banks. This helps to ensure that the banks have access to the funding they need to support their lending activities.
These examples illustrate how the Federal Housing Finance Board works to promote the stability and efficiency of the housing finance system in the United States.