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NATIONAL HOUSING AGENCY FEDERAL HOME LOAN BANK SYSTEM !O1 INDIANA AVENUE, N. W. FEDERAL HOME LOAN BANK ADMINISTRATION OFFICE OF THE GOVERNOR WASHINGTON 25, D. C. FEDERAL HOME LOAN BANK SYSTEM FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION Jilly* 1 6 X9ii'E> " ^ HOME OWNERS' LOAN CORPORATION UNITED STATES HOUSING CORPORATION Honorable Marriner S. Eccles, Governor Federal Reserve System Federal Reserve Building Tfeshington 2£, D# C# My dear Mr* Eccles: I feel sure you will be interested in. reviewing the attached copy of the Annual Report of Federal Savings and Loan Associations for the year ended December 31> l>9hk* This report shows an interesting development of a relatively new type of financial institution • As you know, these institutions were authorized by the Congress in 1933 9 to be created either by the voluntary conversion of existing State-chartered savings and loan and similar associations, by local groups in communities where the need existed for such thrift and home-financing facilities, or to be newly created* The 1,1*61* Federal associations of today constitute the nation's largest bloc of savings and home financing institutions operating under uniform charter and supervision• As required by law thqy are all members of the Federal Home Loan Bank System, insured through the Federal Savings and Loan Insurance Corporation and examined by the Federal Home Loan Bank Administration* Total resources of Federal Savings and Loan Associations, which have grown steadily to the present level of $3,167,000,000, indicates the degree of responsibility they have attained in the encouragement of long-term savings and in financing the construction and acquisition of small homes* Operating side by side with State-chartered associations and other types of financial institutions in local communities, Federal associations now occupy a well-earned place in the country's improved homefinancing structure* Sincerely yours, vl£tVsNX^~-^ James Twohy Governor Attachment July kU, 1945. Dear Jim: AS the Chairman is on a trip to Utah, J am acknowledging your letter of July 16 enclosing the annual report, which has in it more facts and figures than any document that has come to my attention in years• I am greatly impressed* I hope one of these days to of catching up with you so that I may these new questions that have come up time — now too long ago — I had the wisdom* Faithfully, The Honorable James Twohy,, Governor, Federal Hon*e Loan Bank System, 101 Indiana iiv^nue^ Northwest, Washington 25, D. C. ET:b have the pleasure settle some of since the last benefit of your
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