On July 29, 1998, a much-anticipated regulation went into effect. Simply known as the Ag Rule, it ultimately expands membership in the FHLBs, as well as allows members to use a wider range of assets as collateral for advances. Specifically, the Federal Housing Finance Board, the bank system's regulator, has approved a rule that allows financial institutions to count combination farm and business property loans where there is a permanent residence to qualify for membership and to provide collateral necessary to obtain advances.