The US Federal Home Loan Bank System has come a long way since it was chartered in the 1930s to support the housing market after the Wall Street crash. The past few years has seen the network of 11 government-sponsored, co-operatively owned banks quietly evolve into something akin to the beating heart of the funding network that underpins the US financial system, accounting for as much as a quarter of all long-term funding at the nation’s largest commercial banks, excluding deposits.
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