8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 1, 2009

FEDERAL HOME LOAN BANK OF ATLANTA

(Exact name of registrant as specified in its charter)

Federally chartered corporation	000-51845	56-6000442
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)
1475 Peachtree Street, NE
Atlanta, GA 30309
(Address of principal executive offices)
(404) 888-8000
(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

On May 1, 2009, the Federal Home Loan of Atlanta (the "Bank") sent a letter to each member of the Bank regarding the discounts applied to certain classes of assets eligible to be pledged as collateral for advances from the Bank. Attached as Exhibit 99.1 to this Current Report on Form 8-K is a copy of the form letter. The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K and the information contained in Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Exhibits

99.1 Form of Letter from Kirk Malmberg, Chief Credit Officer, to each member of the Bank, dated May 1, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Federal Home Loan Bank of Atlanta
Date: May 1, 2009	By: _/s/ W. Wesley McMullan_____
		W. Wesley McMullan
		Executive Vice President
		and Director of Financial Management

EX-99.1

May 1, 2009

Name

Title

Address

Address

City, State, Zip

Dear Name:

In recognition of the continuing decrease in the market value of residential mortgages, Federal Home Loan Bank of Atlanta (Bank) will increase the discount it applies to Residential 1-4 First Mortgage collateral from 25 percent of Unpaid Principal Balance (UPB) to 30 percent of UPB as well as increase discounts applied to three sub-categories of pledged residential mortgage collateral.

Two of the sub-categories will be Residential 1-4 Interest-only, Adjustable-rate Mortgages (ARMs) and Interest-only Hybrid mortgage collateral, and Residential 1-4 Negative Amortization mortgages and Payment-Option ARMs. These categories will have discounts of 40 percent of UPB and 55 percent of UPB, respectively.

In addition, the Bank also will increase the discount applied to Home Equity Lines of Credit (HELOCs) and Second Mortgage collateral from 50 percent of UPB to 60 percent of UPB.

All of the changes will take effect on June 1, 2009, when the discounts will be applied to member financial institutions' Pledged Qualifying Collateral. As part of the implementation, the Bank will also revise its Qualifying Collateral Report (QCR) process to require a one-time, interim QCR filing of both Residential 1-4 Family and HELOC collateral that will be due before May 31, 2009. In addition, this report as well as all QCRs going forward will require members to supply the Bank with more information about the loans pledged as collateral to secure advances.

The revised discount levels reflect decline in market values of mortgage loans and ongoing volatility in the mortgage and credit markets. In the interest of sound risk management, the Bank will continue to evaluate collateral discounts in relation to current market values of various categories of mortgages and home equity lines of credit.

The following table summarizes how the Bank will apply discounts to determine Lendable Collateral Value (LCV) of the underlying loans pledged by a member to support outstanding advances and other liabilities of the borrower to the Bank.

Collateral Type	Current Lendable Collateral Value %	Lendable Collateral Value % on June 1, 2009
Residential 1-4 First Mortgage Collateral	75 of UPB	70 of UPB
Residential 1-4 First Mortgage Collateral - Interest-only ARM and Interest-only Hybrid	75 of UPB	60 of UPB
Residential 1-4 First Mortgage Collateral - Negative Amortization and Payment-option ARM	50 of UPB	45 of UPB
HELOCs and Second Mortgages	50 of UPB	40 of UPB

The revised discounts will be applied to your institution's current pledged collateral on June 1, 2009. Please be aware that borrowers with credit ratings of one through eight are required to maintain at all times qualifying collateral that has an LCV at least equal to 100 percent of the outstanding amount of all advances and other liabilities to the Bank.

Borrowers with credit ratings of nine and 10 are required to maintain at all times qualifying collateral that has an LCV at least equal to 110 percent and 125 percent, respectively, of the outstanding amount of all advances and other liabilities to the Bank. At this time, the Bank is able to maintain current collateral discounts on other categories of qualifying collateral, such as Securities, Multifamily Mortgage Collateral, and Commercial Mortgage Collateral.

Qualifying Collateral Reports

In conjunction with the implementation, the Bank will revise the Qualifying Collateral Report (QCR) for residential 1-4 mortgages and HELOCs. As part of the change, the Bank is requiring members to submit a QCR for both Residential 1-4 Family and HELOC collateral loan data as of April 30, 2009. This interim QCR is due no later than May 31, 2009.

Please note that this submission is in addition to the QCRs that members were required to file with first quarter 2009 loan data. Once the Bank processes the interim QCRs due before May 31, members will resume quarterly and monthly submission cycles based on the collateral types they pledge.

Beginning with the QCR for loan data as of April 30, 2009, members also will be required to complete the "Additional Information" section of the report, which includes data such as loan amortization type, measures of credit quality, and subprime and nontraditional loan characteristics. The Bank will inform members when the revised QCR is available on FHLBAccess®.

The Bank will use this data to categorize pledged residential loan collateral and apply the appropriate discounts. We recommend that members submit all QCRs via FHLBAccess, the Bank's secure members-only website.

During this difficult time in the mortgage and credit markets, the Bank has worked diligently to fund members at attractive interest rates, while balancing this effort with sound risk management. The changes in collateral discounts and categories will assist in the protection of your institution's investment in the Bank. Please contact your Relationship Manager or Regional Collateral Manager at 800.536.9650 if you have questions about how this change will affect your institution.

Sincerely,

Kirk Malmberg

Executive Vice President, Chief Credit Officer