Bank Notes

By Jeremy Empol, senior vice president and director of public affairs and industry outreach

FHLBank San Francisco joined System leaders to convene with members of Congress and FHFA’s Director in Washington. D.C.

During the spring, members of the Bank’s board of directors and our leadership team joined other FHLBank System directors and leaders in Washington, D.C. to meet with members of Congress and the Director Sandra Thompson of the Federal Housing Finance Agency (Finance Agency), the regulator of the FHLBank.

As part of our industry trade association’s Directors Conference forum, FHLBank System executives personally visited Capitol Hill to meet with several Senators and members of the House of Representatives, sharing insights and information on the mission of the FHLBanks, how the Banks implement that mission, and the positive impact we deliver in the states and districts those public officials represent.

Members of your board of directors strongly represented the interests of FHLBank San Francisco’s membership. Vice Chair Dan Siciliano moderated a fireside chat with FHFA Director Thompson, effectively explaining the vital role the FHLBanks play in the financial services ecosystem and highlighting exactly how, in time of stress such as the rapidly rising interest rate environment, the System serves as a stabilizing shock absorber for their member financial institutions.

“Telling the story of the Bank, capturing both our business narrative and our community impact – especially from the directors’ perspective – is imperative, today,” says Anne McCulloch, executive vice president, chief legal officer, and corporate secretary with the Bank.

“For years, the FHLBanks have quietly fulfilled their Congressionally-mandated mission. With the Finance Agency’s “FHLBanks at 100” review of the System in motion, now is the time to raise our voice to educate Congress on how exactly we operate and work in partnership with our members to make a positive impact in local communities.” 

The informational meetings were intended to prepare Congress for the release of the upcoming “FHLBanks at 100” report, which Director Thompson has indicated should occur in the third quarter of this year.

Our spring outreach in Washington, D.C. was a great opportunity to give public officials a better understanding of the impact the Bank makes in its three-state district of Arizona, California, and Nevada. Now we are kicking off plans for greater levels of engagement with our members to help tell the Bank’s story as it relates to their particular financial institution. 

Members who would like to contribute a story about the benefits of FHLBank San Francisco membership are invited to reach out to Jeremy Empol at empolj@fhlbsf.com.