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FINANCE BOARD APPROVES ISSUANCE OF RFP TO STREAMLINE FEDERAL HOME LOAN BANK DATA PROCESSING SYSTEM

 FINANCE BOARD APPROVES ISSUANCE OF RFP TO STREAMLINE
 FEDERAL HOME LOAN BANK DATA PROCESSING SYSTEM
 WASHINGTON, Dec. 18 /PRNewswire/ -- The Federal Housing Finance Board's System Efficiencies Task Force completed its Phase I feasibility study for streamlining the Federal Home Loan Bank System's (FHLBank) data processing operations, by concluding that it may be possible to reduce the Bank System's data processing expenditures by up to $25 million.
 The 12 FHLBanks' data processing operations are budgeted to account for $45.5 million of the Bank System's $220 million operating budget for 1992.
 The Finance Board ordered a Phase II go ahead to issue a request for proposal (RFP) seeking:
 -- Suggested approaches to meeting the data processing needs of the FHLBank System.
 -- Firm proposals on outsourcing, centralizing or regionalizing data processing operations.
 The System Efficiencies Task Force, created last September to review possible efficiencies in Bank System operations, is chaired by Finance Board Directors Marilyn R. Seymann and Lawrence U. Costiglio and Atlanta Bank President Robert E. Showfety. Representatives of the Finance Board and the FHLBanks comprise the staff.
 "This task force is moving expeditiously to meet its mission. The goal is to review RFP submissions and award a contract by summer in time to coincide with the 1993 Bank System budget cycle," Seymann said today.
 Costiglio added: "The need for economic efficiencies is critical to the success of the Bank System. It must continue to meet its public policy role to provide low cost funds for residential mortgage finance."
 In addition to cost savings, other issues the task force must weigh include:
 -- out-of-pocket transition costs.
 -- sensitivity to customer needs, which vary from region to
 region.
 -- financial staying power of vendors.
 -- flexibility to grow with the Bank System.
 -- vendor's commitment to data processing and client service.
 -- Bank System's ability to benefit from a change in technology
 or software.
 The task force surveyed the 12 District Banks, the Office of Finance and the Finance Board to determine the current hardware and software inventory of the Bank System and to project data processing costs for 1991-1993. Although preliminary in nature, the information did provide the task force staff with a data base to analyze the potential benefits that might be achieved in alternative data processing configurations.
 -0- 12/18/91
 /CONTACT: Charles H. Powers of the Federal Housing Finance Board, 202-408-2986/ CO: Federal Housing Finance Board ST: District of Columbia IN: FIN SU:


MH -- DC012 -- 3500 12/18/91 14:59 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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