IB 

Union Calendar No. 39 

114TH CONGRESS 

1ST SESSION H. R. 299 

[Report No. 114–58] 

To amend the Federal Home Loan Bank Act to authorize privately insured 

credit unions to become members of a Federal home loan bank, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 13, 2015 

Mr. STIVERS (for himself, Mrs. BEATTY, Mr. TIBERI, and Mr. CARSON of Indiana) introduced the following bill; which was referred to the Committee 

on Financial Services 

APRIL 13, 2015 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 

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A BILL 

To amend the Federal Home Loan Bank Act to authorize 

privately insured credit unions to become members of 

a Federal home loan bank, and for other purposes. 

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Capital Access for 

5 Small Community Financial Institutions Act of 2015’’. 

6 SEC. 2. PRIVATELY INSURED CREDIT UNIONS AUTHORIZED 

7 TO BECOME MEMBERS OF A FEDERAL HOME 

8 LOAN BANK. 

9 (a) IN GENERAL.—Section 4(a) of the Federal Home 

10 Loan Bank Act (12 U.S.C. 1424(a)) is amended by adding 

11 at the end the following new paragraph: 

12 ‘‘(5) CERTAIN PRIVATELY INSURED CREDIT

13 UNIONS.— 

14 ‘‘(A) IN GENERAL.—Subject to the re15 quirements of subparagraph (B), a credit union 

16 shall be treated as an insured depository insti17 tution for purposes of determining the eligibility 

18 of such credit union for membership in a Fed19 eral home loan bank under paragraphs (1), (2), 

20 and (3). 

21 ‘‘(B) CERTIFICATION BY APPROPRIATE SU22 PERVISOR.— 

23 ‘‘(i) IN GENERAL.—For purposes of 

24 this paragraph and subject to clause (ii), a 

25 credit union which lacks Federal deposit 

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1 insurance and which has applied for mem2 bership in a Federal home loan bank may 

3 be treated as meeting all the eligibility re4 quirements for Federal deposit insurance 

5 only if the appropriate supervisor of the 

6 State in which the credit union is char7 tered has determined that the credit union 

8 meets all the eligibility requirements for 

9 Federal deposit insurance as of the date of 

10 the application for membership. 

11 ‘‘(ii) CERTIFICATION DEEMED

12 VALID.—If, in the case of any credit union 

13 to which clause (i) applies, the appropriate 

14 supervisor of the State in which such cred15 it union is chartered fails to make a deter16 mination pursuant to such clause by the 

17 end of the 6-month period beginning on 

18 the date of the application, the credit 

19 union shall be deemed to have met the re20 quirements of clause (i). 

21 ‘‘(C) SECURITY INTERESTS OF FEDERAL

22 HOME LOAN BANK NOT AVOIDABLE.—Notwith23 standing any provision of State law authorizing 

24 a conservator or liquidating agent of a credit 

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1 union to repudiate contracts, no such provision 

2 shall apply with respect to— 

3 ‘‘(i) any extension of credit from any 

4 Federal home loan bank to any credit 

5 union which is a member of any such bank 

6 pursuant to this paragraph; or 

7 ‘‘(ii) any security interest in the as8 sets of such credit union securing any such 

9 extension of credit. 

10 ‘‘(D) PROTECTION FOR CERTAIN FEDERAL

11 HOME LOAN BANK ADVANCES.—Notwith12 standing any State law to the contrary, if a 

13 Bank makes an advance under section 10 to a 

14 State-chartered credit union that is not feder15 ally insured— 

16 ‘‘(i) the Bank’s interest in any collat17 eral securing such advance has the same 

18 priority and is afforded the same standing 

19 and rights that the security interest would 

20 have had if the advance had been made to 

21 a federally insured credit union; and 

22 ‘‘(ii) the Bank has the same right to 

23 access such collateral that the Bank would 

24 have had if the advance had been made to 

25 a federally insured credit union.’’. 

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1 (b) COPIES OF AUDITS OF PRIVATE INSURERS OF

2 CERTAIN DEPOSITORY INSTITUTIONS REQUIRED TO BE

3 PROVIDED TO SUPERVISORY AGENCIES.—Section 

4 43(a)(2)(A) of the Federal Deposit Insurance Act (12 

5 U.S.C. 1831t(a)(2)(A)) is amended— 

6 (1) in clause (i), by striking ‘‘and’’ at the end; 

7 (2) in clause (ii), by striking the period at the 

8 end and inserting ‘‘; and’’; and 

9 (3) by inserting at the end the following new 

10 clause: 

11 ‘‘(iii) in the case of depository institu12 tions described in subsection (e)(2)(A) the 

13 deposits of which are insured by the pri14 vate insurer which are members of a Fed15 eral home loan bank, to the Federal Hous16 ing Finance Agency, not later than 7 days 

17 after the audit is completed.’’. 

18 SEC. 3. GAO REPORT. 

19 Not later than 18 months after the date of enactment 

20 of this Act, the Comptroller General of the United States 

21 shall conduct a study and submit a report to Congress— 

22 (1) on the adequacy of insurance reserves held 

23 by a private deposit insurer that insures deposits in 

24 an entity described in section 43(e)(2)(A) of the 

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1 Federal Deposit Insurance Act (12 U.S.C. 

2 1831t(e)(2)(A)); and 

3 (2) for an entity described in paragraph (1) the 

4 deposits of which are insured by a private deposit in5 surer, information on the level of compliance with 

6 Federal regulations relating to the disclosure of a 

7 lack of Federal deposit insurance. 

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Union Calendar No. 39 

114TH CONGRESS 

1ST SESSION H. R. 299 

[Report No. 114–58] 

A BILL 

To amend the Federal Home Loan Bank Act to auother purposes. members of a Federal home loan bank, and for thorize privately insured credit unions to become 

APRIL 13, 2015 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 

mstockstill on DSK4VPTVN1PROD with BILLS