Treasury urges Federal Home Loan banks to spend more on affordable housing:

"On July 31, Deputy Secretary of the Treasury Wally Adeyemo met with the leadership of the 11 Federal Home Loan Banks (FHLBs) and the Director of the Federal Housing Finance Agency (FHFA), Sandra Thompson, to discuss what steps the FHLBs can take to better support the development of affordable housing.

During the meeting, Deputy Secretary Adeyemo urged the FHLBs to deploy more of the significant resources at their disposal to expand housing supply in service of their public mission. Specifically, Adeyemo called on FHLBs to spend at least 20% of their net income on affordable housing and to use a portion of their existing unrestricted retained earnings to create a pool of capital that can lower the cost of new housing production across the country."