The Federal Housing Finance Board has approved a new rule that will enable additional banks to become members of the Federal Home Loan Bank System and treat all members on an equal basis.

This is an "interim final" rule, which immediately puts into effect provisions of the Gramm-Leech-Bliley financial overhaul bill related to the FHFB, as that bill has not taken effect yet. "Because we haven't published anything on it before, we have to call it an interim final rule, and we have to invite public comment," said Bill Glavin, spokesman for the FHFB. "But it is going to take effect as soon as it's published in the Federal Register." The rule is expected to be published in early March.

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