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The Federal Home Loan Bank (FHLB) system was created by the Federal Home Loan Bank Act of 1932 as a government sponsored enterprise to support mortgage lending and related community investment. It is composed of 12 FHLBanks, more than 8000 member financial institutions, and the System's fiscal agent, the Office of Finance. Each FHLBank is a separate, government-chartered, member-owned corporation.
The Federal Home Loan Banks (FHLB) members include thrift institutions, commercial banks, credit unions, and insurance companies. A financial institution joins the FHLBank district that serves the state where the institution's home office or principal place of business is located. A financial institution may become a member by meeting certain statutory requirements.