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Our clients range from $100 billion financial institutions and major corporations to start-up investors and enterprises.


FHLB Capital Enhancement Project

The Dzivi Law Firm, P.C. represented the 12 Federal Home Loan Banks in their entry into a Joint Capital Enhancement Agreement designed to enhance the capital structure of all the FHLBanks through creation of a restricted retained earnings account.  The firm also advised the FHLBanks with respect to obtaining the approval of the Federal Housing Finance Agency to conforming amendments to the FHLBanks' capital plans to incorporate the new restricted retained earnings account into their capital structure.  The FHLBanks have committed to build up this retained earnings account to equal one (1) percent of outstanding consolidated obligations, which at current levels would amount to over $7 billion of additional permanent capital.  In general, the FHLBanks will allocate 20 percent of annual earnings to the new account until the designated target level of restricted retained earnings is obtained.

The Dzivi Law Firm, P.C. was selected to represent the FHLBanks by a system task force chaired by Richard Swanson, the President of the Federal Home Loan Bank of Des Moines.

The Federal Housing Finance Agency approved the applications of 11 of the FHLBanks on August 5, 2011, to amend their existing capital plans (the Federal Home Loan Bank of Chicago has not yet implemented its capital plan).

Federal Housing Finance Agency News Release:  FHFA Announces Completion of RefCorp Obligation and Approves FHLB Plans to Build Capital