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FHLB Directors Oppose Proposal.(Federal Home Loan Bank )
WASHINGTON -- The directors of the Federal Home Loan Bank of Cincinnati staged an early attack on a proposed capital rule and it looks as if other FHLBanks will be joining and demanding that federal regulators withdraw the rule or make significant changes.
In filing an early comment letter, the board of directors of the Cincinnati FHLBank claim the Federal Housing Finance Board's capital proposal would be "harmful" to their bank and force it to repurchase $400 million of excess stock and increase its retained earning by over $100 million.
"We believe the end result of the proposed rule for the Cincinnati bank will be lower capital levels, lower liquidity and lower profitability," FHLBank chairman Charles Koch says in the comment letter. The Cincinnati directors also point out the proposed rule would overturn its capital plan that the Finance Board approved back in 2002 and "destroy our current business model."
The proposed capital rule is "unnecessary" and it could undermine the financial strength of the Cincinnati bank and FHLBank System, according to the April 28 comment letter.
Along with the comment letter, the directors filed a legal opinion by the Cincinnati law firm Taft, Stettinius & Hollister LLP, which asserts the Finance ...
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Source: HighBeam Research, FHLB Directors Oppose Proposal.(Federal Home Loan Bank )