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 Logoc. 1984 | |
 FHLBB was headquartered in this building, now used by theCFPB | |
| Board overview | |
|---|---|
| Formed | July 22, 1932 (1932-07-22) |
| Dissolved | October 8, 1989 (1989-10-08) |
| Superseding agencies |
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| Type | Independent financial regulatory agency |
| Jurisdiction | United States federal government |
| Headquarters | 1700 G St NW, Washington, DC |
TheFederal Home Loan Bank Board (FHLBB) was a U.S. board created by theFederal Home Loan Bank Act in 1932 that governed theFederal Home Loan Banks (FHLB or FHLBanks), also created by the act; theFederal Savings and Loan Insurance Corporation (FSLIC); and nationally-charteredthrifts.[1] It was abolished and superseded by theFederal Housing Finance Board and theOffice of Thrift Supervision in 1989 due to thesavings and loan crisis of the 1980s, as Federal Home Loan Banks gave favorable lending to the thrifts it regulated, leading toregulatory capture.[1]
Looking to create asecondary mortgage market dedicated to buying loans from their constituent thrifts, the FHLBanks and board successfully lobbied for the creation ofFreddie Mac, instead of an expandedFannie Mae (which was limited toFHA insured loans), to be owned and controlled by the FHLBanks and the Federal Home Loan Bank Board and which would buy and sell loans from thrifts only.[1]
The FHLBB was established as an independent agency by theFederal Home Loan Bank Act, July 22, 1932.[2] TheHome Owners' Loan Corporation was established as an emergency agency under FHLBB supervision by theHome Owners' Loan Act of 1933, June 13, 1933. FHLBB and its components (Federal Home Loan Bank System, Federal Savings and Loan System,Federal Savings and Loan Insurance Corporation, and Home Owners' Loan Corporation) were made part of newly establishedFederal Loan Agency byReorganization Plan No. I of 1939, effective July 1, 1939.
FHLBB was abolished and its functions and components assigned to theFederal Home Loan Bank Administration (FHLBA) in the newly establishedNational Housing Agency, by EO 9070, February 24, 1942. FHLBA was abolished and its functions and components assigned to Home Loan Bank Board (HLBB) in the newly createdHousing and Home Finance Agency, by Reorganization Plan No. 3 of 1947, effective July 27, 1947. HLBB was made an independent agency and redesignated as the FHLBB by the Housing Amendments of 1955 (69 Stat. 640), August 11, 1955.
This redesignated FHLBB was abolished effective October 8, 1989, by theFinancial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).[3] TheOffice of Thrift Supervision would regulate thethrift industry, while theFederal Housing Finance Board would manage the federal home loan banks.[4]
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| National | |
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