(a) Each Federal Reserve Bank is hereby authorized as fiscal agent of the GSEs to perform the following functions with respect to the issuance of Book-entry GSE Securities offered and sold by a GSE to which this subpart H applies, in accordance with the Securities Documentation, Federal Reserve Bank Operating Circulars, this subpart H, and procedures established by the Secretary consistent with these authorities:

1. (1) To service and maintain Book-entry GSE Securities in accounts established for such purposes;
2. (2) To make payments with respect to such securities, as directed by the GSE;
3. (3) To effect transfer of Book-entry GSE Securities between Participants' Securities Accounts as directed by the Participants;
4. (4) To effect conversions between Book-entry GSE Securities and Definitive GSE Securities with respect to those securities as to which conversion rights are available pursuant to the applicable Securities Documentation; and
5. (5) To perform such other duties as fiscal agent as may be requested by the GSE.