I 
113TH CONGRESS 
1ST SESSION H. R. 3584 
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 
NOVEMBER 21, 2013 
Mr. STIVERS 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. PRIVATELY INSURED CREDIT UNIONS AUTHOR-
IZED TO BECOME MEMBERS OF A FEDERAL 
HOME LOAN BANK. 
(a) IN GENERAL.—Section 4(a) of the Federal Home 
Loan Bank Act (12 U.S.C. 1424(a)) is amended by adding 
at the end the following new paragraph: 
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‘‘(5) CERTAIN
PRIVATELY
INSURED
CREDIT 
UNIONS.— 
‘‘(A) IN
GENERAL.—Subject to the re-
quirements of subparagraph (B), a credit union 
shall be treated as an insured depository insti-
tution for purposes of determining the eligibility 
of such credit union for membership in a Fed-
eral home loan bank under paragraphs (1), (2), 
and (3). 
‘‘(B) CERTIFICATION BY APPROPRIATE SU-
PERVISOR.— 
‘‘(i) IN
GENERAL.—For purposes of 
this paragraph and subject to clause (ii), a 
credit union which lacks Federal deposit 
insurance and which has applied for mem-
bership in a Federal home loan bank may 
be treated as meeting all the eligibility re-
quirements for Federal deposit insurance 
only if the appropriate supervisor of the 
State in which the credit union is char-
tered has determined that the credit union 
meets all the eligibility requirements for 
Federal deposit insurance as of the date of 
the application for membership. 
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‘‘(ii) 
CERTIFICATION
DEEMED 
VALID.—If, in the case of any credit union 
to which clause (i) applies, the appropriate 
supervisor of the State in which such cred-
it union is chartered fails to make a deter-
mination pursuant to such clause by the 
end of the 6-month period beginning on 
the date of the application, the credit 
union shall be deemed to have met the re-
quirements of clause (i). 
‘‘(C) SECURITY INTERESTS OF FEDERAL 
HOME LOAN BANK NOT AVOIDABLE.—Notwith-
standing any provision of State law authorizing 
a conservator or liquidating agent of a credit 
union to repudiate contracts, no such provision 
shall apply with respect to— 
‘‘(i) any extension of credit from any 
Federal home loan bank to any credit 
union which is a member of any such bank 
pursuant to this paragraph; or 
‘‘(ii) any security interest in the as-
sets of such credit union securing any such 
extension of credit.’’. 
(b) COPIES OF AUDITS OF PRIVATE INSURERS OF 
CERTAIN DEPOSITORY INSTITUTIONS REQUIRED TO BE 
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PROVIDED
TO
SUPERVISORY
AGENCIES.—Section 
43(a)(2) of the Federal Deposit Insurance Act (12 U.S.C. 
1831t(a)(2)) is amended— 
(1) by striking ‘‘and’’ at the end of subpara-
graph (A)(i); 
(2) by striking the period at the end of clause 
(ii) of subparagraph (A) and inserting a semicolon; 
(3) by inserting the following new clauses at the 
end of subparagraph (A): 
‘‘(iii) in the case of depository institu-
tions described in subsection (e)(2)(A) the 
deposits of which are insured by the pri-
vate insurer, the National Credit Union 
Administration, not later than 7 days after 
that audit is completed; and 
‘‘(iv) in the case of depository institu-
tions described in subsection (e)(2)(A) the 
deposits of which are insured by the pri-
vate insurer which are members of a Fed-
eral home loan bank, the Federal Housing 
Finance Agency, not later than 7 days 
after that audit is completed.’’; and 
(4) by adding at the end the following new sub-
paragraph: 
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‘‘(C) CONSULTATION.—The appropriate 
supervisory agency of each State in which a pri-
vate deposit insurer insures deposits in an insti-
tution 
described 
in 
subsection 
(e)(2)(A) 
which— 
‘‘(i) lacks Federal deposit insurance; 
and 
‘‘(ii) has become a member of a Fed-
eral home loan bank, 
shall provide the National Credit Union Admin-
istration, upon request, with the results of any 
examination and reports related thereto con-
cerning the private deposit insurer which such 
agency may have in its possession.’’. 
Æ 
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