WASHINGTON - Under a little-noticed provision of the recently enacted financial reform law, the Federal Housing Finance Board won the power to change more than one-third of the 79 directors it appoints to the 12 Federal Home Loan banks.

The Gramm-Leach-Bliley Act reset the terms of all Home Loan bank directors to three years. Previously, directors appointed by the finance board had four-year terms, and directors elected by member banks and thrifts served two years.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.