§ 902.6 - Procedure for consideration of waiver of regulatory provisions.

(a) Authority. The Finance Board reserves the right, in its discretion and in connection with a particular transaction, to waive any provision, restriction, or requirement of this chapter, or any required submission of information, not otherwise required by law, if such waiver is not inconsistent with the law and does not adversely affect any substantial existing rights, upon a determination by the Finance Board that application of the provision, restriction, or requirement would adversely affect achievement of the purposes of the Federal Home Loan Bank Act, or upon a showing of good cause.

(b) Waiver requests. Any person or entity may file a written waiver request with the Finance Board.

(1) Procedure. Any request for a waiver shall be filed with the Executive Secretary, Federal Housing Finance Board, 1777 F Street, N.W., Washington, DC 20006, and, if from a Bank member institution, with the appropriate Bank.

(2) Documentation. A waiver request shall include the following:

(i) A detailed statement of facts, including the provisions of this chapter to which the request relates, the participants in the proposed transaction, and the reasons for the request; and

(ii) An analysis of each legal issue raised.