Capital Access for Small Community Financial Institutions Act of 2014

Bill: 113-hr-3584
Sponsor: Rep. Stivers, Steve [R-OH-15]
Introduced: 2013-11-21 in the House
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Bank accounts, deposits, capital
Banking and financial institutions regulation
Business records
Congressional oversight
Government studies and investigations
Housing finance and home ownership

Summary:
action_date: 2013-11-21
text: 
Amends the Federal Home Loan Bank Act to treat certain privately insured credit unions as insured depository institutions for purposes of determining eligibility for membership in a federal home loan bank. 
 
Permits a credit union which lacks federal deposit insurance and has applied for membership in a federal home loan bank to be treated as meeting all the eligibility requirements for federal deposit insurance if the supervisor of the chartering state has determined that it meets all federal deposit insurance eligibility requirements.
 
Deems such a credit union to have met the eligibility criteria for federal home loan bank membership if, six months after its application date, the state supervisor has failed to act upon the application.
 
Prohibits the application of a state law authorizing a conservator or liquidating agent of a credit union to repudiate contracts to any: (1) extension of credit from a federal home loan bank to a credit union which is a member of that bank, or (2) security interest in the assets of the credit union securing such extension of credit.
 
Amends the Federal Deposit Insurance Act to require private deposit insurers of credit unions to submit copies of their audit reports within seven days to the National Credit Union Administration and, if the insured credit union is a member of a federal home loan bank, to the Federal Housing Finance Agency.
 
Requires the supervisory agency of each state in which a private deposit insurer insures deposits in a credit union which lacks federal deposit insurance and has become a member of a federal home loan bank to provide the National Credit Union Administration, upon request, the results of any examination and reports which the agency may have in its possession concerning the private deposit insurer.

action_date: 2014-05-06
text: 
Capital Access for Small Community Financial Institutions Act of 2014 - (Sec. 2) Amends the Federal Home Loan Bank Act to treat certain privately insured credit unions as insured depository institutions for purposes of determining eligibility for membership in a federal home loan bank. 
 
Permits a credit union which lacks federal deposit insurance and has applied for membership in a federal home loan bank to be treated as meeting all the eligibility requirements for federal deposit insurance if the supervisor of the chartering state has determined that it meets all federal deposit insurance eligibility requirements.
 
Deems such a credit union to have met the eligibility criteria for federal home loan bank membership if, six months after its application date, the state supervisor has failed to act upon the application.
 
Prohibits the application of a state law authorizing a conservator or liquidating agent of a credit union to repudiate contracts to any: (1) extension of credit from a federal home loan bank to a credit union which is a member of that bank, or (2) security interest in the assets of the credit union securing such extension of credit.
 
Declares that if a federal home loan bank makes an advance to a state-chartered credit union that is not federally insured: (i) the bank's interest in any collateral 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 (2) the bank has the same right to access such collateral that it would have had if the advance had been made to a federally-insured credit union. 
Amends the Federal Deposit Insurance Act to require private deposit insurers of credit unions that are members of a federal home loan bank to submit copies of their audit reports within seven days to the Federal Housing Finance Agency.
 
(Sec. 3) Directs the Comptroller General (GAO) to study: (1) the adequacy of insurance reserves held by a private deposit insurer that insures deposits in an insured credit union or any credit union eligible to apply to become one, and (2) such credit unions' compliance with federal regulations governing disclosure of a lack of federal deposit insurance.
 
 

 


Legislative actions:
action_date: 2014-05-07
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2014-05-06
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 395 - 0 (Roll no. 195). (text: CR H3418)
action_date: 2014-05-06
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 395 - 0 (Roll no. 195).(text: CR H3418)
action_date: 2014-05-06
text: Considered as unfinished business. (consideration: CR H3434)
action_date: 2014-05-06
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2014-05-06
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 3584.
action_date: 2014-05-06
text: Considered under suspension of the rules. (consideration: CR H3418-3420)
action_date: 2014-05-06
text: Mrs. Capito moved to suspend the rules and pass the bill, as amended.
action_date: 2014-03-14
text: Ordered to be Reported (Amended) by the Yeas and Nays: 55 - 0.
action_date: 2014-03-14
text: Committee Consideration and Mark-up Session Held.
action_date: 2013-12-04
text: Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
action_date: 2013-11-21
text: Referred to the House Committee on Financial Services.
action_date: 2013-11-21
text: Introduced in House
action_date: 2013-11-21
text: Introduced in House