View Rule

The proposed rule would re-locate and re-adopt certain existing Federal Housing Finance Board rules that address Bank capital stock and capital plans. These rules were originally adopted to implement requirements in the Gramm-Leach-Bliley Act (GLB Act) that each Bank issue new forms of capital stock, subject to the minimum requirements in the GLB Act, and that each Bank develop a capital plan that established the rights, terms and preference for the new stock and the requirements for each Bank member's minimum investment in Bank stock. In addition, to relocating these regulations, the proposed rule would make certain technical changes to remove provisions that only address the Banks' now-completed, initial conversion to the GLB Act capital structure, and to clarify provisions that address when a Bank can require former Bank members to continue to hold Bank stock. The proposed rule would also codify in the relocated regulations existing procedures concerning a Bank's submission for FHFA approval of amendments to a capital plan.