Capital Access for Small Community Financial Institutions Act of 2015

Bill: 114-hr-299
Sponsor: Rep. Stivers, Steve [R-OH-15]
Introduced: 2015-01-13 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: 2015-01-13
text: 

Capital Access for Small Community Financial Institutions Act of 2015

 
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.
 
Directs the Government Accountability Office 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. 
 

 

action_date: 2015-04-13
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Capital Access for Small Community Financial Institutions Act of 2015

 
(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 Government Accountability Office 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: 2015-04-14
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2015-04-13
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2015-04-13
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H2119)
action_date: 2015-04-13
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H2119)
action_date: 2015-04-13
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 299.
action_date: 2015-04-13
text: Considered under suspension of the rules. (consideration: CR H2119-2120)
action_date: 2015-04-13
text: Mr. Neugebauer moved to suspend the rules and pass the bill.
action_date: 2015-04-13
text: Placed on the Union Calendar, Calendar No. 39.
action_date: 2015-04-13
text: Reported by the Committee on Financial Services. H. Rept. 114-58.
action_date: 2015-04-13
text: Reported by the Committee on Financial Services. H. Rept. 114-58.
action_date: 2015-03-26
text: Ordered to be Reported by the Yeas and Nays: 56 - 1.
action_date: 2015-03-26
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-03-25
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-01-13
text: Referred to the House Committee on Financial Services.
action_date: 2015-01-13
text: Introduced in House
action_date: 2015-01-13
text: Introduced in House