2020 Director Election
2020 Director Election
Federal Home Loan Bank of Atlanta (Bank) is conducting an election to fill two member directorships, one independent directorship, and one public interest independent directorship on its board of directors. Each institution that was a member of the Bank as of December 31, 2019, or that is the acquirer of, or successor in interest to, such an institution, is eligible to participate in the election. Eligible institutions in each of North Carolina and Virginia will elect one member director. Eligible institutions from across the Bank's district will elect one independent director and one public interest independent director.
Nominations for the North Carolina and Virginia member directorships must be submitted in accordance with the emailed instructions from our vendor, Survey & Ballot Systems, by 5:00 p.m. EDT on July 15, 2020. Individuals interested in being considered for an independent directorship must complete and return the application and related forms, available below, directly to the Bank by 5:00 p.m. EDT on July 15, 2020 in accordance with the instructions below. Pursuant to the Bank’s board-approved Equal Opportunity Policy Statement, which is available on the Bank’s website, the Bank encourages the consideration of diversity in nominating or soliciting nominees for positions on the Bank’s board of directors.
Member Director Election
Important information related to the nomination of member directors has been emailed to eligible institutions in North Carolina and Virginia. Nominations for the member directorship must be submitted in accordance with the emailed instructions by 5:00 p.m. EDT on July 15, 2020.
The terms of the member directorships being filled in this election begin on January 1, 2021, and end on December 31, 2024.
Member Director Eligibility
- To be eligible for the North Carolina member directorship, an individual must be a citizen of the United States and serve as an officer or director of a current Bank member institution that (a) is located in North Carolina, (b) meets all minimum capital requirements established by its appropriate federal banking agency or appropriate state regulator, and (c) was a member of the Bank as of December 31, 2019.
- To be eligible for the Virginia member directorship, an individual must be a citizen of the United States and serve as an officer or director of a current Bank member institution that (a) is located in Virginia, (b) meets all minimum capital requirements established by its appropriate federal banking agency or appropriate state regulator, and (c) was a member of the Bank as of December 31, 2019.
- Any individual who has been elected to three consecutive full terms on the Bank's board may not serve a fourth term until two years after the expiration of the third consecutive term.
Independent Director Election
The terms of the independent directorships being filled in this election begin on January 1, 2021, and end on December 31, 2024.
Independent Director Eligibility
- An independent director must be a citizen of the United States and a bona fide resident of the Bank’s district.
- To serve as an independent director, an individual must have knowledge of, or experience in, one or more of the following areas: auditing and accounting, derivatives, financial management, organizational management, project development, risk management practices, and the law.
- To serve as a public interest independent director, an individual must have more than four years of experience in representing consumer or community interests in banking services, credit needs, housing or consumer financial protection.
- An individual may not serve as an independent director if he or she is an officer of any Federal Home Loan Bank or a director, officer, or employee of any member of the Bank or of any recipient of advances from the Bank.
- Any individual who has been elected to three consecutive full terms on the Bank’s board may not serve a fourth term until two years after the expiration of the third consecutive term.
Independent Director Election Application and Nomination Process
- Individuals interested in being considered for an independent directorship must complete and return to the Bank by 5:00 p.m. EDT on July 15, 2020, the application and related forms that are available at the link below. The Bank will not accept any applications received after 5:00 p.m. EDT on July 15, 2020.
- Deliver completed forms to Tina Carew, Associate General Counsel, Federal Home Loan Bank of Atlanta, 1475 Peachtree Street NE, Atlanta, GA 30309.
- The Bank's board, in consultation with the Bank's Affordable Housing Advisory Council, will select the nominees and deliver the application of each such nominee to the Federal Housing Finance Agency for review.
Independent Directorship Application Requirements
Applicants for the independent directorship with the Bank must complete the following forms:
- Federal Home Loan Bank Independent Director Application Form
- Independent Director Candidate Questionnaire
- Disclosure of Intention to Obtain Consumer Report
Preliminary 2021 Board Meeting Schedule
Directors are strongly encouraged to attend all meetings of the board and board committees on which the director serves. The preliminary 2021 board meeting schedule is provided below. Individuals interested in being considered for an independent directorship are encouraged to review the 2021 board meeting schedule, noting the time commitment involved with this position, and to proactively examine any potential conflicts with accepting a position for Federal Home Loan Bank board service prior to applying.
General Information about the Director Election Process
All FHLBanks are required to follow the Federal Home Loan Bank Act, as amended (FHLBank Act), and the corresponding Federal Housing Finance Agency (Finance Agency) regulations in conducting director elections. The number of independent directors and the number of member directors for each state are determined annually by the Director of the Finance Agency in accordance with the FHLBank Act, which requires an FHLBank’s board to comprise at least a majority, but no more than 60 percent, of member directorships and the remainder as independent directorships.
As in years past, for 2021, the Finance Agency Director has set our board at 14 directors: eight member directorships (one in each of Alabama, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia) and six independent directorships (two of which were designated by the Bank’s board as public interest directorships). Directors serve four-year terms and the terms of our directors are staggered.
Member directors are required to be officers or directors of one of our current member institutions and are selected through a state-by-state nomination and election process prescribed by the FHLBank Act and Finance Agency regulations. Any member located in the state in which a member directorship is up for election can nominate an officer or director of one of our current member institutions to serve as a member director. We place all individuals who are properly nominated, qualified (see qualifications above), and who accept their nomination for a member directorship on the voting ballot sent to members in that state. In addition, when voting ballots are sent out, we also send to each member director nominee information about the institutions entitled to participate in that state’s member directorship election.
Independent directors are nominated by our board and elected at large through a process in which ballots are sent to all members in our district. The FHLBank Act prohibits independent directors from serving as a director, officer, or employee of any of our members. The required qualifications of independent directors are set forth above.
A member may cast one vote for each share of required stock for each open directorship, but is limited to the average amount of required stock held by members in its state as of the record date.
If you have questions, please contact Tina Carew, Associate General Counsel, at 404.888.8549 or email@example.com.
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