IIB 
114TH CONGRESS 
1ST SESSION 
H. R. 299 
IN THE SENATE OF THE UNITED STATES 
APRIL 14, 2015 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
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, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Capital Access for 
Small Community Financial Institutions Act of 2015’’. 
SEC. 2. PRIVATELY INSURED CREDIT UNIONS AUTHORIZED 
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: 
‘‘(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-
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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. 
‘‘(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 
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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. 
‘‘(D) PROTECTION FOR CERTAIN FEDERAL 
HOME
LOAN
BANK
ADVANCES.—Notwith-
standing any State law to the contrary, if a 
Bank makes an advance under section 10 to a 
State-chartered credit union that is not feder-
ally insured— 
‘‘(i) the Bank’s interest in any collat-
eral securing such advance has the same 
priority and is afforded the same standing 
and rights that the security interest would 
have had if the advance had been made to 
a federally insured credit union; and 
‘‘(ii) the Bank has the same right to 
access such collateral that the Bank would 
have had if the advance had been made to 
a federally insured credit union.’’. 
(b) COPIES OF AUDITS OF PRIVATE INSURERS OF 
CERTAIN DEPOSITORY INSTITUTIONS REQUIRED TO BE 
PROVIDED
TO
SUPERVISORY
AGENCIES.—Section 
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43(a)(2)(A) of the Federal Deposit Insurance Act (12 
U.S.C. 1831t(a)(2)(A)) is amended— 
(1) in clause (i), by striking ‘‘and’’ at the end; 
(2) in clause (ii), by striking the period at the 
end and inserting ‘‘; and’’; and 
(3) by inserting at the end the following new 
clause: 
‘‘(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 which are members of a Fed-
eral home loan bank, to the Federal Hous-
ing Finance Agency, not later than 7 days 
after the audit is completed.’’. 
SEC. 3. GAO REPORT. 
Not later than 18 months after the date of enactment 
of this Act, the Comptroller General of the United States 
shall conduct a study and submit a report to Congress— 
(1) on the adequacy of insurance reserves held 
by a private deposit insurer that insures deposits in 
an entity described in section 43(e)(2)(A) of the 
Federal 
Deposit 
Insurance 
Act 
(12 
U.S.C. 
1831t(e)(2)(A)); and 
(2) for an entity described in paragraph (1) the 
deposits of which are insured by a private deposit in-
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surer, information on the level of compliance with 
Federal regulations relating to the disclosure of a 
lack of Federal deposit insurance. 
Passed the House of Representatives April 13, 2015. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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