By the end of last year, 1,295 commercial banks had taken an important step to safeguard earnings, manage interest rate risk, and enhance liquidity: They had joined the Federal Home Loan Bank System.

While thrifts had long been required to belong to the system, which now has 3,643 member institutions, commercial banks became eligible to join with the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

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