WASHINGTON -- The Federal Home Loan Bank System gained 95 new members in June, boosting membership to 4.878 banks. thrifts. credit unions. and insurance companies.

Although the system has traditionally been dominated by thrifts, commercial banks now account for 55% of its members, and thrifts make up 44%, its regulator announced last week.

Credit unions and insurance companies make up the remaining 1%.

The Federal Housing Finance Board also modified the system's affordable housing program to give the 12 district banks greater freedom to alter awards.

Local Modifications Allowed

Under the new practice, district Home Loan banks may approve certain changes to individual housing program grants after the finance board has given its initial approval to the project.

"Today's action - allowing modifications to be approved by the FHL banks - further increases AHP's flexibility and speeds the process of providing housing for families in need," said finance board director Nicolas P. Retsinas.

Robyn Meredith

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.