Federal Home Loan Bank Board (“FHLBank Board”)

A five-member board established in 1932 by the Federal Home Loan Bank Act. The FHLBank Board provided the FHLBanks with the authority to regulate and supervise savings and loan institutions (“S&Ls”), as well as to lend money to S&Ls, which would in turn finance home loans. The FHLBank Board retained these basic responsibilities until the passage of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”). FIRREA created the Federal Housing Finance Board to succeed the FHLBank Board, and some of the FHLBank Board’s functions were transferred to the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, and the Office of Thrift Supervision.