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About
Us; Brief History
Brief
History
The Federal
Home Loan Bank System was created in
1932 to provide a reserve banking
system for thrift institutions and
the housing finance industry that
would come to the rescue of
beleaguered homeowners in the midst
of the Great Depression. Today, over
8,100 financial institutions
nationwide rely on the 12 regional
Federal Home Loan Banks as a source
of low-cost liquidity to help them
meet the credit needs of their
communities.
July 22, 1932
The Federal Home Loan Bank Act of
1932 is signed into law by President
Herbert Hoover. This Act establishes
the Federal Home Loan Bank System -
the Federal Home Loan Bank Board and
8 to 12 district banks - to serve as
a reserve credit system for member
savings and loan associations,
savings banks, and life insurance
companies.
October 15, 1932
The Federal Home Loan Bank of Des
Moines opens.
August 9, 1989
The Financial Institutions Reform,
Recovery and Enforcement Act of 1989
(FIRREA) is signed into law by
President George Bush. FIRREA
abolishes the Federal Home Loan Bank
Board and transfers its
responsibility for oversight of the
Federal Home Loan Banks to the
Federal Housing Finance Board. The
Bank Board’s previous supervisory
and regulatory responsibilities with
respect to thrift institutions and
their holding companies are
transferred to the newly created
Office of Thrift Supervision, an
office within the Department of the
Treasury. FIRREA opens membership in
the Federal Home Loan Bank System to
federally insured depository
institutions, including eligible
commercial banks, credit unions, and
thrift and loans.
FIRREA also mandates assessments for
the newly created Affordable Housing
Program, a competitive grant program
that supports the affordable housing
activities of its members, and for
debt coverage on bonds issued to
fund the Resolution Funding
Corporation (REFCORP).
November 12, 1999
The Federal Home Loan Bank System
Modernization Act of 1999 is signed
into law by President Bill Clinton
as Title VI of the Gramm-Leach-Bliley
Act. This Act makes membership
voluntary for all members, expands
access to the Banks’ products and
services, revises the formula for
calculating the REFCORP assessment,
creates a framework for reforming
the capital structure of the Federal
Home Loan Banks, and reassigns many
corporate governance
responsibilities from the Federal
Housing Finance Board to the Federal
Home Loan Banks.
July 11, 2006
FHLB Des Moines becomes a registrant
with the Securities and Exchange
Commission under the Securities
Exchange Act of 1934. |
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Home Loan Bank of Des Moines. All
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Federal Home Loan Bank of Des
Moines, Skywalk Level, 801 Walnut
Street, Suite 200, Des Moines IA
50309-3513; 800.544.3452.
Advancing Your Success™ is a
registered trademark of the
Siegfried Group, LLC, and is under
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