From the Introduction: "The Federal Home Loan Bank Act of 1932 (FHLB Act; P.L. 72-304, 47 Stat. 128) created the Federal Home Loan Bank (FHLB) system. The system currently consists of 11 institutions and its Office of Finance, which collectively constitute one government-sponsored enterprise (GSE). The FHLBs are federally chartered 'cooperative' financial institutions, meaning that each FHLB is privately owned and capitalized by its members. Only members and certain eligible associates may receive FHLB services. [...] This report summarizes the FHLB system and some recent policy issues. It begins with an overview of the financial challenges that prompted the creation and evolution of the FHLB system. It then describes the FHLB system's role as a financial intermediary, its prudential capitalization and liquidity requirements, and mission goals. This report then discusses policy issues concerning the extent to which current operations allow the FHLB system to achieve its public mission."
CRS Report for Congress, R46499
Congressional Research Service: https://crsreports.congress.gov/