Federal Home Loan Bank Modernization Act of 1992

Federal Home Loan Bank Modernization Act of 1992 - Amends the Federal Home Loan Bank Act to permit the withdrawal of any member from membership in a Federal Home Loan Bank. (Currently Federal savings and loan associations are precluded from doing so.)

Repeals certain guidelines regarding advances granted to a non-qualified thrift lender and the minimum stock purchase requirements for membership in a Federal Home Loan Bank. Replaces the minimum share subscription formula for Federal Home Loan Bank membership with a requirement based upon a subscriber's total assets (currently, aggregate unpaid loan principal).

Repeals: (1) the 30 percent lending cap limitation on advances to members that are non-qualified thrift lenders; (2) the proscription against the acquisition of new advances from a Federal Home Loan Bank by a savings association lacking qualified thrift lender status; and (3) the minimum residential mortgage loan requirement for qualified thrift lender membership in the Federal Home Loan Bank system.

Reduces from ten years to five years the waiting period before which a withdrawn member may resume membership. Modifies the formula for annual contributions by Federal Home Loan Banks to capitalize the Resolution Funding Corporation. Authorizes the Federal Home Loan Bank Board to: (1) impose assessments to make up for any deficiency resulting from such modification; and (2) establish Federal Home Loan Bank branches in the district in which the bank is located, provided that the total number of such banks and branches in all districts does not exceed 12.

Directs the Federal Housing Finance Board to study and report to the Congress on: (1) the feasibility of creating a class of affiliate members of the Federal Home Loan Banks for institutions that make long term home mortgage loans; and (2) the desirability of applying requirements to such members that differ from those currently applicable in specified areas to Federal Home Loan Bank members.