Regulations Governing Book-Entry Federal Home Loan Bank Securities

Resumen

The Federal Housing Finance Board is adopting an interim final rule amending its regulations governing procedures for maintaining book-entry (uncertificated) Federal Home Loan Bank securities within the Federal Reserve Banks' system of accounts. This action is being taken in conjunction with similar amendments being made by the Department of Treasury to its regulations governing Federal Reserve Bank book-entry procedures for Treasury securities, and by the regulators of other government sponsored enterprises for which the Federal Reserve Banks maintain book-entry securities. These amendments are intended to update the regulations to eliminate the need to treat book-entry securities as if they were certificated securities and to conform more closely to the manner in which book-entry securities are treated under the laws of the majority of the states (as set forth in Article 8 of the Uniform Commercial Code, as revised in 1994).