FHLB equity positions – time to lower your exposure?

With all apologies to my friends at FHLB Dallas, what would happen if the FHLB system (or a single FHL Bank) went the way of Fannie and Freddie? Most banks carry FHLB stock on their books to support their FHLB borrowing activity. If you are not using all of your borrowing capacity, does it make sense to sell any excess stock you hold? I’m not proposing that we all rush to sell all of our FHLB stock, but a rational discussion of the investment in a coming ALCO meeting would be appropriate. If banks begin to pare down FHLB borrowings in response to proposed FDIC insurance assessment changes, trimming excess stock holdings may become a larger issue.