Federal Home Loan Banks
The 12 Federal Home Loan Banks are stock-chartered, government sponsored enterprises whose original mission was to provide short-term advances to member institutions, funded by deposits from those institutions. Membership initially was open to specialized housing finance lenders, mostly savings and loan associations and mutual savings banks. As their traditional clientele has shrunk and the financial system has consolidated, the FHLB System has reinvented its role in financial markets.
Suggested citation: "Federal Home Loan Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-09, pp. 16-17, 09.01.2001.