I 

114TH CONGRESS 

1ST SESSION H. R. 3808 

To require the withdrawal and study of the Federal Housing Finance Agency’s proposed rule on Federal Home Loan Bank membership, and for 

other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 22, 2015 

Mr. LUETKEMEYER (for himself, Mr. MCHENRY, Mr. HECK of Washington, 

and Mr. CARNEY) introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To require the withdrawal and study of the Federal Housing 

Finance Agency’s proposed rule on Federal Home Loan 

Bank membership, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. FHLB MEMBERSHIP PROPOSED RULE. 

4 (a) DEFINITIONS.—In this section: 

5 (1) COMMUNITY DEVELOPMENT FINANCIAL IN6 STITUTION.—The term ‘‘community development fi7 nancial institution’’ has the meaning given that term 

8 in section 103 of the Community Development 


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1 Banking and Financial Institutions Act of 1994 (12 

2 U.S.C. 4702). 

3 (2) COVERED PROPOSED RULE.—The term 

4 ‘‘covered proposed rule’’ means the proposed rule of 

5 the Federal Housing Finance Agency entitled 

6 ‘‘Members of Federal Home Loan Banks’’ (79 Fed. 

7 Reg. 54848 (September 12, 2014)). 

8 (3) OTHER TERMS FROM THE FEDERAL HOME

9 LOAN BANK ACT.—The terms ‘‘community financial 

10 institution’’, ‘‘Federal Home Loan Bank’’, and 

11 ‘‘Federal Home Loan Bank System’’ have the mean12 ings given those terms in section 2 of the Federal 

13 Home Loan Bank Act (12 U.S.C. 1422). 

14 (b) WITHDRAWAL OF PROPOSED RULE.—Not later 

15 than 30 days after the date of enactment of this Act, the 

16 Federal Housing Finance Agency shall withdraw the cov17 ered proposed rule. 

18 (c) GAO STUDY AND REPORT ON PROPOSED

19 RULE.— 

20 (1) STUDY.— 

21 (A) IN GENERAL.—The Comptroller Gen22 eral of the United States shall conduct a study 

23 on the impact that the covered proposed rule 

24 would have, if adopted as proposed, on— 


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1 (i) the ability of the Federal Home 

2 Loan Banks to fulfill the mandate to pro3 vide liquidity to support housing finance 

4 and economic and community development; 

5 (ii) the safety and soundness of the 

6 Federal Home Loan Bank System; 

7 (iii) the liquidity needs of financial 

8 intermediaries; 

9 (iv) the stability of the Federal Home 

10 Loan Bank System; 

11 (v) the benefits of a diverse member12 ship base for Federal Home Loan Banks; 

13 and 

14 (vi) the ability of member institutions 

15 to rely on access to Federal Home Loan 

16 Bank advances. 

17 (B) CONSIDERATIONS.—In conducting the 

18 study under subparagraph (A), the Comptroller 

19 General of the United States shall consider— 

20 (i) the comment letters submitted in 

21 response to the notice of proposed rule22 making for the covered proposed rule; 

23 (ii) the legislative and administrative 

24 history of the Federal Home Loan Bank 

25 membership rules; 


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1 (iii) the burden placed on community 

2 financial institutions and community devel3 opment financial institutions; and 

4 (iv) the legal authority of the Federal 

5 Housing Finance Agency to exclude from 

6 membership any class or category of insur7 ance companies. 

8 (2) REPORT.—Not later than 1 year after the 

9 date of enactment of this Act, the Comptroller Gen10 eral of the United States shall submit to the Com11 mittee on Banking, Housing, and Urban Affairs of 

12 the Senate and the Committee on Financial Services 

13 of the House of Representatives a report on the 

14 findings of the study conducted under paragraph 

15 (1)(A). 

Æ 


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