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(Reuters) – U.S. officials are exploring ways to allow a broader base of financial firms, including nonbank mortgage lenders, to borrow from Federal Home Loan Banks, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Any expansion would, however, ultimately need congressional action, and would also likely require firms to agree to more government oversight, the report said.
U.S. FHL Banks have been beefing up their lending warchests to provide more liquidity to banks amid higher-than-usual demand for funds following the collapse of Silicon Valley Bank (SVB) and Signature Bank (OTC:SBNY) in the United States and the emergency takeover of Credit Suisse.
FHL Banks are 11 regional government-chartered institutions that raise money for low-cost lending to their members. They are a vital source of funding to regional banks and often a preferred final stop for cash before banks in need turn to the Federal Reserve itself as a last resort.
The U.S. Federal Housing Finance Agency did not immediately respond to a Reuters request for comment.
Source: Investing.com
