Fidelity Financial Corporation v. Federal Home Loan Bank of San Francisco, Milton Feinerman, President of the Federal Home Loan Bank of S.F.

Fidelity Financial Corporation appeals from the district court’s final judgment in favor of the Federal Home Loan Bank of San Francisco (the Bank) in its action against the Bank for failure to provide regular credit advances. We have jurisdiction under 28 U.S.C. § 1291 , and we affirm.

I

Fidelity Financial Corporation is the parent Corporation of Fidelity Savings and Loan Association (Fidelity), a state-chartered thrift institution. The Bank is one of twelve regional Federal Home Loan Banks that form part of the Federal Home Loan Bank System, which was created by Congress in 1932 to provide a reliable source of funds to homebuyers. See Federal Home Loan Bank Act, 12 U.S.C. §§ 1421-1449 (the Bank Act). The Bank operates as the central credit facility for its member financial institutions. Primarily from funds obtained through the sale of the consolidated obligations of all Federal Home Loan Banks, the Bank is able to provide “advances” — loans made on the security of home mortgages — to its members. The Bank is wholly owned by its members, which are required by law to purchase and maintain a certain level of Bank stock. See 12 U.S.C. § 1426 (c)(1). The Bank operates under the…