The chances or passage this year of legislation designed to broaden membership in the Federal Home Loan Bank system declined last week when the Treasury Department and the Office of Thrift Supervision urged further study of the issue and the presidents of the 12 FHL banks did not make a strong case for the changes being urgently needed.

Nonetheless, three days of hearing before the Housing and Community Development Subcommittee of the House Banking, Finance and Urban Affairs Committee laid a solid foundation for dramatic change in the FHLB system when the next Congress meets.

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