Debate over the Federal Home Loan Bank System is expected to reach a boiling point next year as the system's regulator and the Treasury Department advocate different blueprints for reform.

Created in 1932 to supply thrifts with a steady source of mortgage funding, the system today is the world's largest issuer of short-term debt and earns hundreds of millions of dollars annually by investing in securities rather than promoting housing.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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