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(E) ‘‘government securities’’ within the 
meaning of section 2(a)(16) of the Investment 
Company Act of 1940. 
(d) 
EXEMPTION
FROM
REPORTING
REQUIRE-
MENTS.—The Federal Home Loan Banks shall be exempt 
from periodic reporting requirements pertaining to— 
(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 Federal 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 char-
acteristics of the Federal Home Loan Banks when evalu-
ating the accounting treatment with respect to the pay-
ment to Resolution Funding Corporation, the role of the 
combined financial statements of the twelve Banks, the ac-
counting classification of redeemable capital stock, and the 
accounting treatment related to the joint and several na-
ture of the obligations of the Banks. 
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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’’. 
(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 devel-
opment 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.— 
Section 1113(o) of the Right to Financial Privacy Act of 
1978 (12 U.S.C. 3413(o)) is amended— 
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(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’’. 
(b) RIEGLE COMMUNITY DEVELOPMENT AND REGU-
LATORY IMPROVEMENT ACT OF 1994.—Section 117(e) of 
the Riegle Community Development and Regulatory Im-
provement Act of 1994 (12 U.S.C. 4716(e)) is amended 
by striking ‘‘Federal Housing Finance Board’’ and insert-
ing ‘‘Federal Housing Finance Agency’’. 
(c) TITLE 18, UNITED STATES CODE.—Title 18, 
United States Code, is amended by striking ‘‘Federal 
Housing Finance Board’’ each place such term appears 
in each of sections 212, 657, 1006, 1014, and inserting 
‘‘Federal Housing Finance Agency’’. 
(d) MARA 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 strik-
ing ‘‘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 
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striking ‘‘Federal Housing Finance Board’’ and inserting 
‘‘Federal Housing Finance Agency’’. 
(f) ACCESS TO LOCAL TV ACT OF 2000.—Section 
1004(d)(2)(D)(iii) of the Launching Our Communities’ 
Access 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 
Finance Board’’ and inserting ‘‘Federal Housing Finance 
Agency’’. 
(g) SARBANES-OXLEY
ACT
OF
2002.—Section 
105(b)(5)(B)(ii)(II) of the Sarbanes-Oxley Act of 2002 
(15 U.S.C. 7215(B)(5)(b)(ii)(II)) is amended by inserting 
‘‘and the Director of the Federal Housing Finance Agen-
cy’’ after ‘‘Commission,’’. 
SEC. 210. STUDY OF AFFORDABLE HOUSING PROGRAM USE 
FOR LONG-TERM CARE FACILITIES. 
The Comptroller General shall conduct a study of the 
use of affordable housing programs of the Federal home 
loan banks under section 10(j) of the Federal Home Loan 
Bank Act to determine how and the extent to which such 
programs are used to assist long-term care facilities for 
low- and moderate-income individuals, and the effective-
ness and adequacy of such assistance in meeting the needs 
of affected communities. The study shall examine the ap-
plicability of such use to the affordable housing programs 
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required to be established by the enterprises pursuant to 
the amendment made by section 139 of this Act. The 
Comptroller General shall submit a report to the Director 
of the Federal Housing Finance Agency and the Congress 
regarding the results of the study not later than the expi-
ration of the 1-year period beginning on the date of the 
enactment of this Act. This section shall take effect on 
the date of the enactment of this Act. 
SEC. 211. EFFECTIVE DATE. 
Except as specifically provided otherwise in this title, 
this title shall take effect on and the amendments made 
by this title shall take effect on, and shall apply beginning 
on, the expiration of the 6-month period beginning on the 
date of the enactment of this Act. 
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