302 
rector of the Federal Housing Finance 
Agency may consult with each Federal home 
loan bank about the knowledge, skills, and 
expertise needed to assist the board in better 
fulfilling its responsibilities. 
‘‘(D) CONFLICTS
OF
INTEREST.—Notwith-
standing subsection (f)(2), an independent direc-
tor under this paragraph of a Bank may not, 
during such director’s term of office, serve as an 
officer of any Federal Home Loan Bank or as a 
director or officer of any member of a Bank. 
‘‘(E) COMMUNITY DEMOGRAPHICS.—In ap-
pointing independent directors of a Bank pursu-
ant to this paragraph, the Director shall take 
into consideration the demographic makeup of 
the community most served by the Affordable 
Housing Program of the Bank pursuant to sec-
tion 10(j).’’; 
(2) in the first sentence of subsection (b), by 
striking ‘‘elective directorship’’ and inserting ‘‘mem-
ber directorship established pursuant to subsection 
(a)(2)’’; 
(3) in subsection (c)— 
(A) by striking ‘‘elective’’ each place such 
term appears and inserting ‘‘member’’, except— 
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303 
(i) in the second sentence, the second 
place such term appears; and 
(ii) each place such term appears in 
the fifth sentence; and 
(B) in the second sentence— 
(i) by inserting ‘‘(A) except as pro-
vided in clause (B) of this sentence,’’ before 
‘‘if at any time’’; and 
(ii) by inserting before the period at 
the end the following: ‘‘, and (B) clause (A) 
of this sentence shall not apply to the direc-
torships of any Federal home loan bank re-
sulting from the merger of any two or more 
such banks’’; and 
(4) by striking ‘‘elective’’ each place such term 
appears (except in subsections (c), (e), and (f)). 
(b) TERMS.— 
(1) IN GENERAL.—Section 7(d) of the Federal 
Home Loan Bank Act (12 U.S.C. 1427(d)) is amend-
ed— 
(A) in the first sentence, by striking ‘‘3 
years’’ and inserting ‘‘4 years’’; and 
(B) in the second sentence— 
(i) by striking ‘‘Federal Home Loan 
Bank System Modernization Act of 1999’’ 
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304 
and inserting ‘‘Federal Housing Finance 
Reform Act of 2007’’; and 
(ii) by striking ‘‘1/3’’ and inserting ‘‘1/ 
4’’. 
(2) SAVINGS PROVISION.—The amendments made 
by paragraph (1) shall not apply to the term of office 
of any director of a Federal home loan bank who is 
serving as of the effective date of this title under sec-
tion 211, including any director elected to fill a va-
cancy in any such office. 
(c) CONTINUED SERVICE OF INDEPENDENT DIREC-
TORS AFTER EXPIRATION OF TERM.—Section 7(f)(2) of the 
Federal Home Loan Bank Act (12 U.S.C. 1427(f)(2)) is 
amended— 
(1) in the second sentence, by striking ‘‘or the 
term of such office expires, whichever occurs first’’; 
(2) by adding at the end the following new sen-
tence: ‘‘An independent Bank director may continue 
to serve as a director after the expiration of the term 
of such director until a successor is appointed.’’; 
(3) in the paragraph heading, by striking ‘‘AP-
POINTED’’ and inserting ‘‘INDEPENDENT’’; and 
(4) by striking ‘‘appointive’’ each place such 
term appears and inserting ‘‘independent’’. 
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305 
(d) CONFORMING AMENDMENTS.—Section 7(f)(3) of 
the Federal Home Loan Bank Act (12 U.S.C. 1427(f)(3)) 
is amended— 
(1) in the paragraph heading, by striking 
‘‘ELECTED’’ and inserting ‘‘MEMBER’’; and 
(2) by striking ‘‘elective’’ each place such term 
appears in the first and third sentences and inserting 
‘‘member’’. 
(e) COMPENSATION.—Subsection (i) of section 7 of the 
Federal Home Loan Bank Act (12 U.S.C. 1427(i)) is 
amended to read as follows: 
‘‘(i) DIRECTORS’ COMPENSATION.— 
‘‘(1) IN
GENERAL.—Each Federal home loan 
bank may pay the directors on the board of directors 
for the bank reasonable and appropriate compensa-
tion for the time required of such directors, and rea-
sonable and appropriate expenses incurred by such 
directors, in connection with service on the board of 
directors, in accordance with resolutions adopted by 
the board of directors and subject to the approval of 
the Director. 
‘‘(2) ANNUAL REPORT BY THE BOARD.—The Di-
rector shall include, in the annual report submitted to 
the Congress pursuant to section 1319B of the Federal 
Housing Enterprises Financial Safety and Soundness 
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306 
Act of 1992, information regarding the compensation 
and expenses paid by the Federal home loan banks to 
the directors on the boards of directors of the banks.’’. 
(f) TRANSITION RULE.—Any member of the board of 
directors of a Federal Home Loan Bank serving as of the 
effective date under section 211 may continue to serve as 
a member of such board of directors for the remainder of 
the term of such office as provided in section 7 of the Fed-
eral Home Loan Bank Act, as in effect before such effective 
date. 
SEC. 203. FEDERAL HOUSING FINANCE AGENCY OVERSIGHT 
OF FEDERAL HOME LOAN BANKS. 
The Federal Home Loan Bank Act (12 U.S.C. 1421 
et seq.), other than in provisions of that Act added or 
amended otherwise by this Act, is amended— 
(1) by striking sections 2A and 2B (12 U.S.C. 
1422a, 1422b); 
(2) in section 6 (12 U.S.C. 1426(b)(1))— 
(A) in subsection (b)(1), in the matter pre-
ceding subparagraph (A), by striking ‘‘Finance 
Board approval’’ and inserting ‘‘approval by the 
Director’’; and 
(B) in each of subsections (c)(4)(B) and 
(d)(2), by striking ‘‘Finance Board regulations’’ 
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307 
each place that term appears and inserting ‘‘reg-
ulations of the Director’’; 
(3) in section 8 (12 U.S.C. 1428), in the section 
heading, by striking ‘‘BY THE BOARD’’; 
(4) in section 10(b) (12 U.S.C. 1430(b)), by 
striking ‘‘by formal resolution’’; 
(5) in section 10 (12 U.S.C. 1430), by adding at 
the end the following new subsection: 
‘‘(k) MONITORING AND ENFORCING COMPLIANCE WITH 
AFFORDABLE
HOUSING
AND
COMMUNITY
INVESTMENT 
PROGRAM REQUIREMENTS.—The requirements under sub-
section (i) and (j) that the Banks establish Community In-
vestment and Affordable Housing Programs, respectively, 
and contribute to the Affordable Housing Program, shall 
be enforceable by the Director with respect to the Banks in 
the same manner and to the same extent as the housing 
goals under subpart B of part 2 of subtitle A of title XIII 
of the Housing and Community Development Act of 1992 
(12 U.S.C. 4561 et seq.) are enforceable under section 1336 
of such Act with respect to the Federal National Mortgage 
Association and the Federal Home Loan Mortgage Corpora-
tion.’’; 
(6) in section 11 (12 U.S.C. 1431)— 
(A) in subsection (b)— 
(i) in the first sentence— 
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308 
(I) by striking ‘‘The Board’’ and 
inserting ‘‘The Office of Finance, as 
agent for the Banks,’’; and 
(II) by striking ‘‘the Board’’ and 
inserting ‘‘such Office’’; and 
(ii) in the second and fourth sentences, 
by striking ‘‘the Board’’ each place such 
term appears and inserting ‘‘the Office of 
Finance’’; 
(B) in subsection (c)— 
(i) by striking ‘‘the Board’’ the first 
place such term appears and inserting ‘‘the 
Office of Finance, as agent for the Banks,’’; 
and 
(ii) by striking ‘‘the Board’’ the second 
place such term appears and inserting 
‘‘such Office’’; and 
(C) in subsection (f)— 
(i) by striking the two commas after 
‘‘permit’’ and inserting ‘‘or’’; and 
(ii) by striking the comma after ‘‘re-
quire’’; 
(7) in section 15 (12 U.S.C. 1435), by inserting 
‘‘or the Director’’ after ‘‘the Board’’; 
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309 
(8) in section 18 (12 U.S.C. 1438), by striking 
subsection (b); 
(9) in section 21 (12 U.S.C. 1441)— 
(A) in subsection (b)— 
(i) in paragraph (5), by striking 
‘‘Chairperson of the Federal Housing Fi-
nance Board’’ and inserting ‘‘Director’’; 
and 
(ii) in the heading for paragraph (8), 
by striking ‘‘FEDERAL
HOUSING
FINANCE 
BOARD’’ and inserting ‘‘DIRECTOR’’; and 
(B) in subsection (i), in the heading for 
paragraph (2), by striking ‘‘FEDERAL HOUSING 
FINANCE BOARD’’ and inserting ‘‘DIRECTOR’’; 
(10) in section 23 (12 U.S.C. 1443), by striking 
‘‘Board of Directors of the Federal Housing Finance 
Board’’ and inserting ‘‘Director’’; 
(11) by striking ‘‘the Board’’ each place such 
term appears in such Act (except in section 15 (12 
U.S.C. 1435), section 21(f)(2) (12 U.S.C. 1441(f)(2)), 
subsections (a), (k)(2)(B)(i), and (n)(6)(C)(ii) of sec-
tion 21A (12 U.S.C. 1441a), subsections (f)(2)(C), 
and (k)(7)(B)(ii) of section 21B (12 U.S.C. 1441b), 
and the first two places such term appears in section 
22 (12 U.S.C. 1442)) and inserting ‘‘the Director’’; 
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310 
(12) by striking ‘‘The Board’’ each place such 
term appears in such Act (except in sections 7(e) (12 
U.S.C. 1427(e)), and 11(b) (12 U.S.C. 1431(b)) and 
inserting ‘‘The Director’’; 
(13) by striking ‘‘the Board’s’’ each place such 
term appears in such Act and inserting ‘‘the Direc-
tor’s’’; 
(14) by striking ‘‘The Board’s’’ each place such 
term appears in such Act and inserting ‘‘The Direc-
tor’s’’; 
(15) by striking ‘‘the Finance Board’’ each place 
such term appears in such Act and inserting ‘‘the Di-
rector’’; 
(16) by striking ‘‘Federal Housing Finance 
Board’’ each place such term appears and inserting 
‘‘Director’’; 
(17) in section 11(i) (12 U.S.C. 1431(i), by 
striking ‘‘the Chairperson of’’; and 
(18) in section 21(e)(9) (12 U.S.C. 1441(e)(9)), 
by striking ‘‘Chairperson of the’’. 
SEC. 204. JOINT ACTIVITIES OF BANKS. 
Section 11 of the Federal Home Loan Bank Act (12 
U.S.C. 1431) is amended by adding at the end the following 
new subsection: 
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311 
‘‘(l) JOINT ACTIVITIES.—Subject to the regulation of 
the Director, any two or more Federal Home Loan Banks 
may establish a joint office for the purpose of performing 
functions for, or providing services to, the Banks on a com-
mon or collective basis, or may require that the Office of 
Finance perform such functions or services, but only if the 
Banks are otherwise authorized to perform such functions 
or services individually.’’. 
SEC. 205. SHARING OF INFORMATION BETWEEN FEDERAL 
HOME LOAN BANKS. 
(a) IN GENERAL.—The Federal Home Loan Bank Act 
is amended by inserting after section 20 (12 U.S.C. 1440) 
the following new section: 
‘‘SEC. 20A. SHARING OF INFORMATION BETWEEN FEDERAL 
HOME LOAN BANKS. 
‘‘(a) REGULATORY AUTHORITY.—The Director shall 
prescribe such regulations as may be necessary to ensure 
that each Federal Home Loan Bank has access to informa-
tion that the Bank needs to determine the nature and extent 
of its joint and several liability. 
‘‘(b) NO WAIVER OF PRIVILEGE.—The Director shall 
not be deemed to have waived any privilege applicable to 
any information concerning a Federal Home Loan Bank 
by transferring, or permitting the transfer of, that informa-
tion to any other Federal Home Loan Bank for the purpose 
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312 
of enabling the recipient to evaluate the nature and extent 
of its joint and several liability.’’. 
(b) REGULATIONS.—The regulations required under 
the amendment made by subsection (a) shall be issued in 
final form not later than 6 months after the effective date 
under section 211 of this Act. 
SEC. 206. REORGANIZATION OF BANKS AND VOLUNTARY 
MERGER. 
Section 26 of the Federal Home Loan Bank Act (12 
U.S.C. 1446) is amended— 
(1) by inserting ‘‘(a) REORGANIZATION.—’’ be-
fore ‘‘Whenever’’; and 
(2) by striking ‘‘liquidated or’’ each place such 
phrase appears; 
(3) by striking ‘‘liquidation or’’; and 
(4) by adding at the end the following new sub-
section: 
‘‘(b) VOLUNTARY MERGERS.—Any two or more Banks 
may, with the approval of the Director, and the approval 
of the boards of directors of the Banks involved, merge. The 
Director shall promulgate regulations establishing the con-
ditions and procedures for the consideration and approval 
of any such voluntary merger, including the procedures for 
Bank member approval.’’. 
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313 
SEC. 207. SECURITIES AND EXCHANGE COMMISSION DIS-
CLOSURE. 
(a) IN GENERAL.—The Federal Home Loan Banks 
shall be exempt from compliance with— 
(1) sections 13(e), 14(a), 14(c), and 17A of the 
Securities Exchange Act of 1934 and related Commis-
sion regulations; and 
(2) section 15 of that Act and related Securities 
and Exchange Commission regulations with respect to 
transactions in capital stock of the Banks. 
(b) MEMBER EXEMPTION.—The members of the Fed-
eral Home Loan Banks shall be exempt from compliance 
with sections 13(d), 13(f), 13(g), 14(d), and 16 of the Secu-
rities Exchange Act of 1934 and related Securities and Ex-
change Commission regulations with respect to their owner-
ship of, or transactions in, capital stock of the Federal 
Home Loan Banks. 
(c) EXEMPTED AND GOVERNMENT SECURITIES.— 
(1) CAPITAL STOCK.—The capital stock issued by 
each of the Federal Home Loan Banks under section 
6 of the Federal Home Loan Bank Act are— 
(A) exempted securities within the meaning 
of section 3(a)(2) of the Securities Act of 1933; 
and 
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314 
(B) ‘‘exempted securities’’ within the mean-
ing of section 3(a)(12)(A) of the Securities Ex-
change Act of 1934. 
(2) 
OTHER
OBLIGATIONS.—The 
debentures, 
bonds, and other obligations issued under section 11 
of the Federal Home Loan Bank Act are— 
(A) exempted securities within the meaning 
of section 3(a)(2) of the Securities Act of 1933; 
(B) ‘‘government securities’’ within the 
meaning of section 3(a)(42) of the Securities Ex-
change Act of 1934; 
(C) excluded from the definition of ‘‘govern-
ment securities broker’’ within section 3(a)(43) 
of the Securities Exchange Act of 1934; 
(D) excluded from the definition of ‘‘govern-
ment securities dealer’’ within section 3(a)(44) of 
the Securities Exchange Act of 1934; and 
(E) ‘‘government securities’’ within the 
meaning of section 2(a)(16) of the Investment 
Company Act of 1940. 
(d) EXEMPTION FROM REPORTING REQUIREMENTS.— 
The Federal Home Loan Banks shall be exempt from peri-
odic reporting requirements pertaining to— 
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315 
(1) the disclosure of related party transactions 
that occur in the ordinary course of business of the 
Banks with their members; and 
(2) the disclosure of unregistered sales of equity 
securities. 
(e) TENDER OFFERS.—The Securities and Exchange 
Commission’s rules relating to tender offers shall not apply 
in connection with transactions in capital stock of the Fed-
eral Home Loan Banks. 
(f) REGULATIONS.—In issuing any final regulations 
to implement provisions of this section, the Securities and 
Exchange Commission shall consider the distinctive charac-
teristics of the Federal Home Loan Banks when evaluating 
the accounting treatment with respect to the payment to 
Resolution Funding Corporation, the role of the combined 
financial statements of the twelve Banks, the accounting 
classification of redeemable capital stock, and the account-
ing treatment related to the joint and several nature of the 
obligations of the Banks. 
SEC. 208. COMMUNITY FINANCIAL INSTITUTION MEMBERS. 
(a) TOTAL ASSET REQUIREMENT.—Paragraph (10) of 
section 2 of the Federal Home Loan Bank Act (12 U.S.C. 
1422(10)), as so redesignated by section 201(3) of this Act, 
is amended by striking ‘‘$500,000,000’’ each place such 
term appears and inserting ‘‘$1,000,000,000’’. 
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316 
(b) USE OF ADVANCES FOR COMMUNITY DEVELOP-
MENT ACTIVITIES.—Section 10(a) of the Federal Home 
Loan Bank Act (12 U.S.C. 1430(a)) is amended— 
(1) in paragraph (2)(B)— 
(A) by striking ‘‘and’’; and 
(B) by inserting ‘‘, and community develop-
ment activities’’ before the period at the end; 
(2) in paragraph (3)(E), by inserting ‘‘or com-
munity development activities’’ after ‘‘agriculture,’’; 
and 
(3) in paragraph (6)— 
(A) by striking ‘‘and’’; and 
(B) by inserting ‘‘, and ‘community devel-
opment activities’ ’’ before ‘‘shall’’. 
SEC. 209. TECHNICAL AND CONFORMING AMENDMENTS. 
(a) RIGHT TO FINANCIAL PRIVACY ACT OF 1978.—Sec-
tion 1113(o) of the Right to Financial Privacy Act of 1978 
(12 U.S.C. 3413(o)) is amended— 
(1) by striking ‘‘Federal Housing Finance 
Board’’ and inserting ‘‘Federal Housing Finance 
Agency’’; and 
(2) by striking ‘‘Federal Housing Finance 
Board’s’’ and inserting ‘‘Federal Housing Finance 
Agency’s’’. 
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317 
(b) RIEGLE COMMUNITY DEVELOPMENT AND REGU-
LATORY IMPROVEMENT ACT OF 1994.—Section 117(e) of the 
Riegle Community Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4716(e)) is amended by strik-
ing ‘‘Federal Housing Finance Board’’ and inserting ‘‘Fed-
eral Housing Finance Agency’’. 
(c) TITLE 18, UNITED STATES CODE.—Title 18, 
United States Code, is amended by striking ‘‘Federal Hous-
ing Finance Board’’ each place such term appears in each 
of sections 212, 657, 1006, 1014, and inserting ‘‘Federal 
Housing Finance Agency’’. 
(d) MAHRA ACT OF 1997.—Section 517(b)(4) of the 
Multifamily Assisted Housing Reform and Affordability 
Act of 1997 (42 U.S.C. 1437f note) is amended by striking 
‘‘Federal Housing Finance Board’’ and inserting ‘‘Federal 
Housing Finance Agency’’. 
(e) TITLE
44, UNITED
STATES
CODE.—Section 
3502(5) of title 44, United States Code, is amended by strik-
ing ‘‘Federal Housing Finance Board’’ and inserting ‘‘Fed-
eral Housing Finance Agency’’. 
(f) ACCESS TO LOCAL TV ACT OF 2000.—Section 
1004(d)(2)(D)(iii) of the Launching Our Communities’ Ac-
cess to Local Television Act of 2000 (47 U.S.C. 
1103(d)(2)(D)(iii)) is amended by striking ‘‘Office of Fed-
eral Housing Enterprise Oversight, the Federal Housing Fi-
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