When the pandemic struck, members needed a partner they could trust to help navigate the uncertainty-for many that partner was FHLB Cincinnati. We continued to put our relationships with members first, remaining flexible and resilient.
We focused on serving our members through low-cost, consistent and reliable funding. By coordinating with other FHLBs and our regulator, we increased our liquidity in the face of the stressful financial markets. Throughout the pandemic, our primary concerns remained the health and safety of our employees and members, and maintaining reliable access to liquidity and funding.
"FHLB Cincinnati remained dedicated to meeting members' funding needs so they could in turn support the housing finance, small business lending and economic development needs of their communities. In any and all operating environments, we are focused on remaining a stable partner to our members. Working together, we were able to meet the challenges presented by the COVID environment," said Andy Howell, President and CEO.
In early 2020, the Bank shifted to a virtual operating environment, seamlessly transitioning while continuing to serve our members without interruptions to service. By May, we created and launched the RISE program, offering our members up to $2 billion in six-month Advances at zero percent interest to fund pandemic related needs. We expanded our list of eligible collateral types to allow PPP loans, updated other collateral qualifications and released pandemic related MPP guidance. Our members responded positively to these updates, including pledging PPP loans as collateral to help with their asset-liability management needs.