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A Message from Chief Executive Officer Kirk Malmberg
Member Communications Archive

December 2022 – As we approach the end of the year, I wanted to take a moment to thank you for continuing to put your trust in FHLBank Atlanta. As the country emerged from the lingering challenges created by the COVID-19 pandemic and a rapidly changing financial outlook, we had many opportunities to work with you, maintaining our focus on helping you get the most out of your partnership with FHLBank Atlanta.

Economic Environment
The Federal Reserve’s focus on lowering the rate of inflation paved the way for seven interest rate increases this year, bringing the target rate up to between 4.25 – 4.50 percent, a significant rise from 0.25 percent where it stood last December. Mortgage lending declined significantly in 2022 as interest rates spiked, and deposit levels began to decline in the second half of the year, prompting an increase in demand for advances from members. Throughout these market changes, the Bank responded to your funding needs and continues to help you manage your balance sheets by providing much needed liquidity.

Key Initiatives
We also continued to focus on technology enhancements in 2022 to improve ease of use of our systems and expand your capability to conduct business with the Bank more efficiently. Enhancements to FHLBAccess® included features relating to collateral and safekeeping, and additional technology initiatives are currently underway to help streamline borrowing and other interactions.

The Bank also worked with you to address affordable housing needs in 2022. We disbursed nearly $10 million through our Affordable Housing Program General Fund and in August we made an additional $5 million available through our Homeownership Set-aside Program beyond the initial funding that was announced in March. On the heels of our Heirs’ Property Prevention and Resolution Funders’ Forum last December, we announced in August the availability of $1 million in grant funding available to organizations that presented pilot programs during the Funders’ Forum. Heirs’ property is a significant economic issue for many southeastern communities and the grant funding represents the next step in our efforts to work with you and your community partners to address this issue.

We also worked closely with the other 10 FHLBanks on important initiatives in 2022. Chief among these has been our effort to address the concern regarding the Federal Housing Finance Agency’s (FHFA) negative tangible capital rule. Working with the other FHLBanks, and our own state and national trade associations, we submitted letters to FHFA and engaged other financial regulators to raise awareness and seek a solution. We are hopeful that a positive resolution will be reached soon and look forward to keeping you informed. Another important matter has been the FHFA’s FHLBank System at 100: Focusing on the Future initiative, which has included three listening sessions, an open comment period, and five regional roundtables thus far. This initiative should conclude in 2023, and may result in regulatory or legislative changes that impact the FHLBanks. We continue to work closely with our members, state and national credit union and banking associations, and the other FHLBanks on a coordinated response and will keep you apprised of any changes resulting from FHFA’s review.

There will be challenges as well as opportunities in 2023. We look forward to partnering with you to meet your business needs and help you support the communities you serve. We truly believe we are all stronger together.

I am proud of what we have been able to accomplish together and proud of the dedicated team of professionals at FHLBank Atlanta who continue to inspire me with their commitment and resolve.

Thank you again for your partnership and I wish you a safe and happy holiday season and a Happy New Year.

Kirk Malmberg
President and Chief Executive Officer


The Federal Home Loan Bank of Atlanta is not a registered investment advisor. Nothing herein is an offer to sell or a solicitation of an offer to buy any securities or derivative products. You should consult your own legal, financial, and accounting advisors before entering into any transaction.


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