I 

114TH CONGRESS 

1ST SESSION H. R. 299 

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 

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. 

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’’. 


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1 SEC. 2. PRIVATELY INSURED CREDIT UNIONS AUTHORIZED 

2 TO BECOME MEMBERS OF A FEDERAL HOME 

3 LOAN BANK. 

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

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

6 at the end the following new paragraph: 

7 ‘‘(5) CERTAIN PRIVATELY INSURED CREDIT

8 UNIONS.— 

9 ‘‘(A) IN GENERAL.—Subject to the re10 quirements of subparagraph (B), a credit union 

11 shall be treated as an insured depository insti12 tution for purposes of determining the eligibility 

13 of such credit union for membership in a Fed14 eral home loan bank under paragraphs (1), (2), 

15 and (3). 

16 ‘‘(B) CERTIFICATION BY APPROPRIATE SU17 PERVISOR.— 

18 ‘‘(i) IN GENERAL.—For purposes of 

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

20 credit union which lacks Federal deposit 

21 insurance and which has applied for mem22 bership in a Federal home loan bank may 

23 be treated as meeting all the eligibility re24 quirements for Federal deposit insurance 

25 only if the appropriate supervisor of the 

26 State in which the credit union is charVerDate Sep 11 2014 01:44 Jan 21, 2015 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H299.IH H299

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1 tered has determined that the credit union 

2 meets all the eligibility requirements for 

3 Federal deposit insurance as of the date of 

4 the application for membership. 

5 ‘‘(ii) CERTIFICATION DEEMED

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

7 to which clause (i) applies, the appropriate 

8 supervisor of the State in which such cred9 it union is chartered fails to make a deter10 mination pursuant to such clause by the 

11 end of the 6-month period beginning on 

12 the date of the application, the credit 

13 union shall be deemed to have met the re14 quirements of clause (i). 

15 ‘‘(C) SECURITY INTERESTS OF FEDERAL

16 HOME LOAN BANK NOT AVOIDABLE.—Notwith17 standing any provision of State law authorizing 

18 a conservator or liquidating agent of a credit 

19 union to repudiate contracts, no such provision 

20 shall apply with respect to— 

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

22 Federal home loan bank to any credit 

23 union which is a member of any such bank 

24 pursuant to this paragraph; or 


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1 ‘‘(ii) any security interest in the as2 sets of such credit union securing any such 

3 extension of credit. 

4 ‘‘(D) PROTECTION FOR CERTAIN FEDERAL

5 HOME LOAN BANK ADVANCES.—Notwith6 standing any State law to the contrary, if a 

7 Bank makes an advance under section 10 to a 

8 State-chartered credit union that is not feder9 ally insured— 

10 ‘‘(i) the Bank’s interest in any collat11 eral securing such advance has the same 

12 priority and is afforded the same standing 

13 and rights that the security interest would 

14 have had if the advance had been made to 

15 a federally insured credit union; and 

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

17 access such collateral that the Bank would 

18 have had if the advance had been made to 

19 a federally insured credit union.’’. 

20 (b) COPIES OF AUDITS OF PRIVATE INSURERS OF

21 CERTAIN DEPOSITORY INSTITUTIONS REQUIRED TO BE

22 PROVIDED TO SUPERVISORY AGENCIES.—Section 

23 43(a)(2)(A) of the Federal Deposit Insurance Act (12 

24 U.S.C. 1831t(a)(2)(A)) is amended— 

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


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

2 end and inserting ‘‘; and’’; and 

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

4 clause: 

5 ‘‘(iii) in the case of depository institu6 tions described in subsection (e)(2)(A) the 

7 deposits of which are insured by the pri8 vate insurer which are members of a Fed9 eral home loan bank, to the Federal Hous10 ing Finance Agency, not later than 7 days 

11 after the audit is completed.’’. 

12 SEC. 3. GAO REPORT. 

13 Not later than 18 months after the date of enactment 

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

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

16 (1) on the adequacy of insurance reserves held 

17 by a private deposit insurer that insures deposits in 

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

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

20 1831t(e)(2)(A)); and 

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

22 deposits of which are insured by a private deposit in23 surer, information on the level of compliance with 


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1 Federal regulations relating to the disclosure of a 

2 lack of Federal deposit insurance. 

Æ 


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