Principles of Housing Finance Reform by Susan M. Wachter

Author:Susan M. Wachter
Language: eng
Format: epub
Publisher: University of Pennsylvania Press, Inc.
Published: 2016-01-15T00:00:00+00:00

Table 6.1. Federal Home Loan Bank Size and Membership by District (Data as of December 31, 2013)

An elected board of directors controls the operations of each FHLB. Despite the concentration of equity holdings illustrated in Table 6.1, two important voting limitations make effective control much more diffuse than the equity ownership data would suggest. First, no member may vote more than the average number of shares owned by members in its state as of the prior year’s end. This rule limits concentration of voting rights because every state has large numbers of small institutions. Second, voting occurs on a state-by-state basis, and each state must have at least one director. To the extent that large members are not equally distributed among the states, therefore, concentrated control is even more limited. See 12 CFR § 1261, Subpart B, for a complete set of regulations pertaining to FHLB directors and voting rights.

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