Company Profile
FHLB-OF
Company Overview
Located in Reston, Virginia, a suburb of Washington, D.C., the Office of Finance (OF) is operated on behalf of the 12 regional FHLBanks. Its primary function is to issue and service all debt securities for the FHLBanks, while obtaining the most cost-effective terms possible given current market conditions. Related activities include the compilation and publication of the combined financial statements, analysis and joint development of new funding opportunities, and educational outreach to inform investors and other interested parties about FHLBank debt products. These efforts can include investor road shows, sales conferences, adopting dealer/FHLBank recommendations, preparing brochures and educational materials, and enhancing the Office of Finance website.
The OF also provides the FHLBanks with credit and general capital market information/data, and manages the relationship with the credit rating agencies. In addition, the OF administers two tax-exempt government corporations, the Financing Corporation (FICO) and the Resolution Funding Corporation (REFCORP).
Company History
History of Service
Every day for decades, the Federal Home Loan Bank System has worked to improve the lives of millions of Americans. Through all economic cycles, the FHLBank System supports the efforts of our member lending institutions to help families realize the dream of home ownership, stimulate the creation of affordable housing, and improve the local business environment.
Created by Congress in 1932, the System's public policy mission is to support residential mortgage lending and related community investment through its member financial institutions. The System fulfills its role in housing finance by providing members with access to reliable, economical funding and technical assistance, and special affordable housing programs.
This is a System that works. Today, there are nearly 8,000 FHLBank System members, including commercial banks, thrifts, credit unions and insurance companies. Each member is a shareholder in one of the 12 regional Federal Home Loan Banks; each regional Bank is an individual corporate entity, which must meet strict management and capitalization criteria befitting its status as a government-sponsored enterprise. Federal oversight, in conjunction with normal bank regulation and shareholder vigilance, assures that the 12 regional Banks remain conservatively managed and well capitalized.
While the Federal Home Loan Bank System mandate reflects a public purpose, all 12 regional Banks are privately capitalized and do not receive any taxpayer assistance.
The FHLBank System plays a critical role in the continuous flow of funds to the residential mortgage market. These funds originate with the sale of debt securities, called consolidated obligations, in the capital markets. The proceeds of these sales are then loaned to member financial institutions, which in turn provide mortgage credit to homebuyers.
For further information, please visit the websites for the FHLBank System and the Federal Housing Finance Agency.
Benefits
Working at the OF
The debt securities issuance and servicing operation of the Federal Home Loan Bank System is seeking experienced professionals who can operate in a highly dynamic and automated environment.
The Office of Finance offers an outstanding salary and benefits package that includes:
Competitive salaries
401K savings with employer match
Defined Benefit Pension Plan - 100% employer funded
Group health and dental insurance
Group term life insurance
Short and long term disability insurance
Vision care reimbursement
Flexible spending account program
Tuition assistance
Paid time off and holidays
Gym membership/fitness reimbursement
Flexible schedules
Business casual work environment
The Office of Finance is an Equal Opportunity Employer. EOE/M/F/D/V.