132
appropriation Acts, be deposited into and accredited to the
Fund.
(c) AUTHORITY.—Notwithstanding any other provi-
sion of law, the National Credit Union Administration
Board may exercise the authority granted to the Board
by the Community Development Credit Union Revolving
Fund Transfer Act, including any additional appropria-
tions made and earnings accrued, subject only to this sec-
tion and to regulations prescribed by the Board.
SEC. 220. INSURED COMMUNITY DEVELOPMENT FINANCIAL
INSTITUTION ACCESS TO FEDERAL HOME
LOAN BANK ADVANCES.
Section 10 of the Federal Home Loan Bank Act (12
U.S.C. 1430) is amended by adding at the end the follow-
ing new subsection:
‘‘(k) COMMUNITY DEVELOPMENT FINANCIAL INSTI-
TUTION ACCESS TO ADVANCES.—Any insured community
development financial institution (as defined in section
3(e) of the Community Development Banking and Finan-
cial Institutions Act of 1993) which meets the require-
ments of subparagraphs (A) and (B) of section 4(a)(1)
may obtain advances from the appropriate Federal home
loan bank in accordance with this section in the same
manner and to the same extent as members of such bank
133
without regard to any stock purchase requirement imposed
on members under this Act.’’.
SEC. 221. COMMUNITY INVESTMENT PROGRAM INCEN-
TIVES.
(a) ASSETS DERIVED FROM CIP ADVANCES INCLUD-
IBLE WITHOUT LIMITATION
FOR PURPOSES
OF QTL
TEST.—Section 10(m)(4)(C)(ii) of the Home Owners’
Loan Act (12 U.S.C. 1467a(m)(4)(C)(ii)) is amended by
adding at the end the following new subclause:
‘‘(VII) Loan assets derived from
the proceeds of an advance made to
the savings association from a Federal
home loan bank under the community
investment program of such bank.’’.
(b) AUTHORITY TO WAIVE FHLB STOCK PURCHASE
REQUIREMENT IN CONNECTION WITH A CIP ADVANCE.—
Section 6(b) of the Federal Home Loan Bank Act (12
U.S.C. 1426(b)) is amended by adding at the end the fol-
lowing new paragraph:
‘‘(6) TREATMENT OF CIP ADVANCES.—A Fed-
eral home loan bank may waive the requirement that
advances to such member from the bank’s commu-
nity investment program be taken into account in
determining the amount of aggregate outstanding
134
advances to the member from the bank for purposes
of this subsection.’’.
(c) TREATMENT
OF
ECONOMIC
DEVELOPMENT
LOANS AND ASSETS DERIVED FROM CIP ADVANCES AS
COLLATERAL FOR ADDITIONAL FHLB ADVANCES.—Sec-
tion 10(a) of the Federal Home Loan Bank Act (12
U.S.C. 1430(a)) is amended—
(1) by redesignating paragraph (5) as para-
graph (6);
(2) in paragraph (6) (as so redesignated), by
striking ‘‘(1) through (4)’’ and inserting ‘‘(1)
through (5)’’; and
(3) by inserting after paragraph (4) the follow-
ing new paragraph:
‘‘(5) Economic development loans derived from
the proceeds of an advance made to a member from
a Federal home loan bank under the community in-
vestment program of such bank.’’.
SEC. 222. 30 PERCENT LENDING CAP INCREASED.
Paragraph (2) of the 1st subsection (e) of section 10
of the Federal Home Loan Bank Act (12 U.S.C.
135
1430(e)(2)) is amended by striking ‘‘30 percent’’ and in-
serting ‘‘40 percent’’.
Passed the House of Representatives November 21,
1993.
Attest:
Clerk.
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