The FHLB, created in 1932, was composed of 12 regional banks and a central board in Washington, D.C. The 12 Federal Home Loan Banks issue consolidated debt securities to provide liquidity to member financial institutions. The 1989 Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) changed the structure of this system by changing the requirements for FHLB membership. No longer responsible for regulating or examining its members, the FHLB is now under the supervision of the Federal Housing Finance Board (FHFB).