WASHINGTON, D.C. — CFA is proud to support Senator Cortez Masto’s new legislation, the Federal Home Loan Banks’ Mission Activities Act, which offers much-needed reform to the FHLBank System. The bill increases contributions to affordable housing, expands community development financial institution (CDFI) access to the system, as well as caps executive pay at levels consistent with the regional Federal Reserve Banks. We applaud the Senator’s leadership in refocusing the FHLBanks on their mission to support housing and community development.

Sharon Cornelissen, Director of Housing, said: “Senator Cortez Masto has shown great leadership by pursuing reforms of the Federal Home Loan Banks for the American people. With her bill, small credit unions and CDFIs will be able to invest more in our nation’s communities. Expanded affordable housing programs will help build more housing and help more Americans become homeowners. This bill also addresses the waste and inefficiencies of bloated executive salaries, which have put profits over taxpayers’ interests. CFA is excited to support this bill and to reform this trillion-dollar taxpayer-backed banking system.”