TASK DEFINITION: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
PROBLEM: That section 4 of 
Public Law 94-456 (43 U.S.C. 1611 note) is amended--
            (1) by striking out ``subsection (a)'' in subsection (c) 
        and inserting in lieu thereof ``subsections (a) and (d)''; and
            (2) by adding at the end the following:
    ``(d)(1) In order to convey to the Village Corporations named in 
this subsection certain lands the Villages have selected under section 
12(a) of the Settlement Act, the Secretary shall convey all right, 
title, and interest of the United States in and to the surface estate 
of the lands described in paragraph (2) to the Village Corporations 
within Cook Inlet Region named in paragraph (2) in partial satisfaction 
of each Village Corporation's statutory entitlement under section 12(a) 
of the Settlement Act. Conveyances shall be made pursuant to sections 
12(a) and 14(f) of the Settlement Act. The conveyances described in 
paragraph (2) shall be made within 90 days after the date of enactment 
of this subsection.
    ``(2) The lands described in this paragraph are to be conveyed to 
Village Corporations as follows:
    To Chickaloon-Moose Creek Native Association, Inc.:

                        seward meridian, alaska

            Township 1 North, Range 20 West (Unsurveyed)
                    Sections 24, 25, and 36 (fractional).
    To Knikatnu, Inc.:

                        seward meridian, alaska

            Township 1 South, Range 20 West (Unsurveyed)
                    Section 1 (fractional).
            Township 3 South, Range 20 West (Unsurveyed)
                    Section 3 (fractional);
                    Sections 4 and 9.
            Township 1 North, Range 20 West (Unsurveyed)
                    Section 9 (fractional).
    To Ninilchik Native Association, Inc.:

                        seward meridian, alaska

            Township 1 South, Range 19 West (Unsurveyed)
                    Sections 29 and 32 (fractional).
            Township 2 South, Range 19 West (Unsurveyed)
                    Sections 6 and 18 (fractional).
            Township 2 South, Range 20 West (Unsurveyed)
                    Section 1 (fractional);
                    Sections 6 and 14;
                    Sections 23, 24, and 26 (fractional);
                    Sections 32 and 33;
                    Sections 34 and 35 (fractional).
            Township 3 South, Range 20 West (Unsurveyed)
                    Section 10 (fractional).
            Township 3 South, Range 21 West (Unsurveyed)
                    Sections 13 and 19 through 24, inclusive;
                    Section 25 (fractional);
                    Sections 32 and 34 (fractional).
            Township 1 North, Range 20 West (Unsurveyed)
                    Sections 6 through 8 (fractional), inclusive;
                    Section 16;
                    Sections 22 and 23 (fractional);
                    Section 26.
            Township 4 North, Range 19 West (Unsurveyed)
                    Sections 20 and 36.
    To Seldovia Native Association, Inc.:

                        seward meridian, alaska

            Township 2 South, Range 20 West (Unsurveyed)
                    Section 13 (fractional).
            Township 3 South, Range 20 West (Unsurveyed)
                    Sections 7 and 8;
                    Section 16 (fractional);
                    Sections 17 and 18;
                    Sections 19 and 20 (fractional).
    To Tyonek Native Corporation:

                        seward meridian, alaska

            Township 1 South, Range 20 West (Unsurveyed)
                    Section 2 (fractional);
                    Section 3.
            Township 2 South, Range 21 West (Unsurveyed)
                    Section 36.
            Township 2 South, Range 20 West (Unsurveyed)
                    Section 12 (fractional);
                    Section 31.
            Township 3 South, Range 20 West (Unsurveyed)
                    Sections 15, 21, and 30 (fractional).
            Township 3 South, Range 21 West (Unsurveyed)
                    Section 26;
                    Sections 27 and 28 (fractional);
                    Sections 29 through 31 (fractional), inclusive;
                    Sections 33, 35, and 36 (fractional).
            Township 1 North, Range 20 West (Unsurveyed)
                    Section 15 (fractional);
                    Section 35.
Aggregating approximately 29,900 acres, more or less.
    ``(3) No later than 180 days following the completion of the 
conveyances required by paragraph (1), Cook Inlet Region, Inc., shall 
convey to each of the Village Corporations referred to in paragraph (2) 
the surface estate in such lands described in Appendix A of that 
certain Agreement dated August 31, 1976, known as the Deficiency 
Agreement, as the Village Corporations have identified, and in the 
order they identified in their priority selection rounds, to satisfy 
each Village Corporation's section 12(a) entitlement under the 
Settlement Act.
    ``(4) If the Secretary does not convey the lands in paragraph (2) 
within 90 days of the date of the enactment of this subsection, then 
all right, title, and interest of the United States in and to the 
surface estate of such lands shall nevertheless pass immediately to the 
Village Corporations named in paragraph (2).
    ``(5) Nothing in this subsection shall be construed to increase or 
decrease the entitlement under the Settlement Act of any of the Village 
Corporations named in this subsection or of Cook Inlet Region, Inc.''.

SOLUTION: Amends Federal law to provide for conveyance of certain Alaskan lands under the Alaska Native Claims Settlement Act to:  (1) Chickaloon-Moose Creek Native Association, Inc.; (2) Knikatnu, Inc.; (3) Ninilchik Native Association, Inc.; (4) Seldovia Native Association, Inc.; and (5) Tyonek Native Corporation.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fostering Our Future Act of 2006''.

SEC. 2. IMPROVEMENTS TO COURTS.

    (a) In General.--Section 13712(b) of the Omnibus Budget 
Reconciliation Act of 1993 (42 U.S.C. 629b) is amended to read as 
follows:
    ``(b) Eligibility.--In order to be eligible for a grant under this 
section:
            ``(1) Application.--A highest State court shall submit to 
        the Secretary an application at such time, in such form, and 
        including such information and assurances as the Secretary 
        shall require.
            ``(2) Measures of court performance.--There shall be in 
        effect in the State such laws and procedures as are necessary 
        to ensure that the courts of the State measure the following 
        with respect to children under the jurisdiction of the courts:
                    ``(A) The percentage of children who do not have a 
                subsequent petition of maltreatment filed in court 
                after the initial such petition is filed.
                    ``(B) The percentage of children who are the 
                subject of additional allegations of maltreatment 
                within 12 months after the original petition was 
                closed.
                    ``(C) The percentages of children who reach legal 
                permanency within 6 months after removal, within 12 
                months thereafter, within 18 months thereafter, and 
                within 24 months thereafter.
                    ``(D) The percentage of children who do not reach 
                permanency in the foster care system.
                    ``(E) The percentages of children who re-enter 
                foster care pursuant to court order within 12 months 
                after being returned to their families, and within 24 
                months thereafter.
                    ``(F) The percentages of children who return to 
                foster care pursuant to court order within 12 months 
                after being adopted or placed with an individual or 
                couple who are permanent guardians, and within 24 
                months thereafter.
                    ``(G) The percentages of children who are 
                transferred among 1, 2, 3, or more placements while 
                under court jurisdiction, distinguishing, where 
                possible, between placements in and out of a child's 
                own home from multiple placements in a variety of 
                environments.
                    ``(H) The percentage of cases in which both parents 
                receive written service of process within the required 
                time standards or where notice of hearing has been 
                waived by parties.
                    ``(I) The percentage of cases in which there is 
                documentation that timely and proper notice is given to 
                parties in advance of the next hearing.
                    ``(J) The percentage of cases in which children who 
                have attained 10 years of age receive notice of the 
                legal proceedings in their dependency case; the 
                percentage of cases in which children who have attained 
                10 years of age are present in court and afforded an 
                opportunity to be heard in their own cases; and the 
                percentage of cases in which children have legal 
                representation.
                    ``(K) The percentage of cases in which the court 
                reviews case plans within established time guidelines.
                    ``(L) The percentage of children receiving legal 
                counsel, guardians ad litem, or court-appointed special 
                advocates before the preliminary protective hearing or 
                equivalent, with separate measures of the percentages 
                of each type of representation and of whether the 
                representation was received within established time 
                guidelines, within 5 days after the adoption petition 
                is filed, within 6 through 10 days after the filing, 
                and within more than 10 days after the filing.
                    ``(M) The percentage of cases in which counsel for 
                parents are appointed before the preliminary protective 
                hearing or equivalent, with separate measures of the 
                percentages in which such appointments are made within 
                established time guidelines, within 5 days after the 
                adoption petition is filed, within 6 through 10 days 
                after the filing, and within more than 10 days after 
                the filing.
                    ``(N) The percentage of cases in which legal 
                counsel for children is appointed on or before the 
                first court appearance, and the percentage of cases in 
                which legal counsel for children changes, and the 
                number of changes involved.
                    ``(O) The percentage of cases in which legal 
                counsel for parents changes, and the number of changes 
                involved.
                    ``(P) The percentage of cases in which legal 
                counsel for parents, children, and agencies are present 
                at each hearing.
                    ``(Q) The percentages of children for whom all 
                hearings are heard by 1 or more judicial officers, and 
                the number of judicial officers hearing the case.
                    ``(R) The average and median times from filing the 
                original petition to adjudication.
                    ``(S) The average and median times from filing the 
                original petition to disposition.
                    ``(T) The percentages of cases that are adjudicated 
                within 30 days after the filing of the dependency 
                petition, within 60 days thereafter, and within 90 days 
                thereafter.
                    ``(U) The percentages of cases that receive a 
                disposition within 10 days after the dependency 
                adjudication, within 30 days thereafter, and within 90 
                days thereafter.
                    ``(V) The percentage of cases where children are 
                successfully served in the home and not detained; the 
                average and median times to reunification; and the 
                percentage of cases where children are not successfully 
                reunified.
                    ``(W) The average and median times from the filing 
                of the original petition to permanent placement.
                    ``(X) The average and median times from the filing 
                of the original petition to finalized termination of 
                parental rights.
                    ``(Y) The percentages of cases for which the 
                termination petition is filed within 3 months after the 
                dependency disposition, within 6 months thereafter, 
                within 12 months thereafter, and within 18 months 
                thereafter.
                    ``(Z) The percentage of cases that receive a 
                termination order within 30 days after the filing of 
                the termination petition, within 90 days thereafter, 
                within 120 days thereafter, and within 180 days 
                thereafter.
                    ``(AA) The percentages of cases for which an 
                adoption petition is filed within 1 month after the 
                termination order, within 3 months thereafter, and 
                within 6 months thereafter.
                    ``(BB) The percentages of cases for which the 
                adoption is finalized within 1 month after the adoption 
                petition is filed, within 3 months thereafter, within 6 
                months thereafter, and within 12 months thereafter.
                    ``(CC) The percentage of hearings (by hearing type) 
                not completed within timeframes set forth in statute or 
                court rules, including, where possible, the reason for 
                noncompletion.''.
    (b) Student Loan Repayment for Family Law, Dependency, and Domestic 
Relations Attorneys.--
            (1) In general.--The Higher Education Act of 1965 is 
        amended by inserting after section 428K (20 U.S.C. 1078-11) the 
        following new section:

``SEC. 428L. LOAN FORGIVENESS FOR FAMILY LAW, DEPENDENCY, AND DOMESTIC 
              RELATIONS ATTORNEYS.

    ``(a) Purpose.--The purpose of this section is to encourage 
qualified individuals to enter and continue employment as family law, 
dependency, and domestic relations attorneys.
    ``(b) Loan Forgiveness.--
            ``(1) Loan forgiveness authorized.--The Secretary is 
        authorized to forgive, in accordance with this section and the 
        agreement described in subsection (e), the student loan debt of 
        an eligible borrower in the amount specified in subsection (d) 
        and for the period specified in such agreement.
            ``(2) Method of loan forgiveness.--To provide the loan 
        forgiveness authorized in paragraph (1), the Secretary is 
        authorized to carry out a program--
                    ``(A) through the holder of the loan, to assume the 
                obligation to repay a qualified loan amount for a loan 
                made under part B of this title; and
                    ``(B) to cancel a qualified loan amount for a loan 
                made under part D of this title.
    ``(c) Eligible Borrower.--The Secretary is authorized to provided 
loan forgiveness under this section to any individual who--
            ``(1) is employed full-time as a family law, dependency, or 
        domestic relations attorney; and
            ``(2) is not in default on a loan for which the borrower 
        seeks forgiveness.
    ``(d) Loan Forgiveness Amount.--The Secretary may, from funds 
appropriated under subsection (l), forgive the loan obligation of an 
eligible borrower in accordance with such terms, limitations, and 
conditions as may be mutually agreed upon by such borrower and the 
Secretary in the agreement described in subsection (e), except that the 
amount paid by the Secretary under this section shall not exceed--
            ``(1) $6,000 in any calendar year for any borrower; or
            ``(2) $50,000 in the aggregate for any borrower.
    ``(e) Loan Forgiveness Agreement.--
            ``(1) Terms of agreement.--The Secretary shall not provide 
        loan forgiveness to an eligible borrower unless the borrower 
        enters into a written agreement with the Secretary which 
        provides that--
                    ``(A) the borrower shall remain employed full-time 
                as a family law, dependency, or domestic relations 
                attorney for a period of service specified in the 
                agreement (but not less than 3 years), unless 
                involuntarily separated from that employment;
                    ``(B) if the borrower is involuntarily separated 
                from the employment described in subparagraph (A) on 
                account of misconduct, or voluntarily separates from 
                that employment, before the end of the period specified 
                in the agreement, the borrower shall repay the 
                Secretary the amount of any benefits received by such 
                borrower under this section;
                    ``(C) if the borrower is required to repay an 
                amount to the Secretary under subparagraph (B) and 
                fails to repay such amount, a sum equal to such amount 
                shall be recoverable by the Government from the 
                borrower (or such borrower's estate, if applicable) by 
                such method as is provided by law for the recovery of 
                amounts owing to the Government;
                    ``(D) the Secretary may waive, in whole or in part, 
                a right of recovery under this subsection if it is 
                shown that recovery would be against equity and good 
                conscience or against the public interest; and
                    ``(E) the Secretary shall provide loan forgiveness 
                under this section for the period of the agreement, 
                subject to the availability of appropriations.
            ``(2) Agreement renewal.--Upon completion by an eligible 
        borrower of the period of service required under the agreement 
        described in paragraph (1), the Secretary may renew such 
        agreement with the eligible borrower for a successive period of 
        service to be specified in the renewed agreement (which may be 
        less than 3 years).
    ``(f) Repayments by Borrowers.--Any amount repaid by, or recovered 
from, a borrower (or a borrower's estate) under subsection (e)(1)(B) 
shall be credited to the appropriation account from which the loan 
forgiveness amount involved was originally paid. Any amount so credited 
shall be merged with other sums in such account and shall be available 
for the same purposes and period, and subject to the same limitations 
(if any), as the sums with which the amount was merged.
    ``(g) Application for Loan Forgiveness.--An eligible borrower 
desiring loan forgiveness under this section shall submit a complete 
and accurate application to the Secretary at such time, in such manner, 
and containing such information as the Secretary may require.
    ``(h) Priority.--The Secretary shall provide loan forgiveness under 
this section on a first-come, first-served basis, and subject to the 
availability of appropriations.
    ``(i) Regulations.--The Secretary is authorized to issue such 
regulations as may be necessary to carry out the provisions of this 
section.
    ``(j) Construction.--Nothing in this section shall be construed to 
authorize the refunding of any repayment of any loan made by a borrower 
prior to the date on which the Secretary entered into an agreement with 
the borrower under subsection (e).
    ``(k) Definition.--In this section the term `family law, 
dependency, or domestic relations attorney' means an attorney who works 
in the field of family law, dependency, or domestic relations, 
including juvenile justice, truancy, child abuse or neglect, adoption, 
domestic relations, child support, paternity, and other areas which 
fall under the field of family law, dependency, or domestic relations 
law as determined by State law.
    ``(l) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section $20,000,000 for fiscal year 2007 
and such sums as may be necessary for each of the 5 succeeding fiscal 
years.''.
            (2) Cancellation of loans.--
                    (A) Amendment.--Section 465(a)(2)(F) of the Higher 
                Education Act of 1965 (20 U.S.C. 1087ee(a)(2)(F)) is 
                amended by inserting ``, or as a full-time family law, 
                dependency, or domestic relations attorney (as defined 
                in section 428L)'' after ``agencies''.
                    (B) Effective date.--The amendment made by this 
                paragraph shall apply to--
                            (i) eligible loans made before, on, or 
                        after the date of enactment of this Act; and
                            (ii) service as a family law, dependency, 
                        or domestic relations attorney that is provided 
                        on or after the date of enactment of this Act.
                    (C) Construction.--Nothing in this paragraph shall 
                be construed to authorize the refunding of any 
                repayment of a loan made by a borrower prior to the 
                date on which the borrower became eligible for 
                cancellation under section 465(a) of the Higher 
                Education Act of 1965 (20 U.S.C. 1087ee(a)).
    (c) GAO Study.--
            (1) In general.--The Comptroller General of the United 
        States shall conduct a study that compares States with respect 
        to each of the following:
                    (A) The legal representation provided for children.
                    (B) Children's participation in their own cases.
                    (C) Preparation of dependency court judges.
                    (D) Case tracking and performance measurement.
                    (E) Statewide collaborative foster care councils.
            (2) Report.--Not later than 1 year after the date of the 
        enactment of this Act, the Comptroller General shall submit to 
        the Committee on the Judiciary of the House of Representatives 
        a written report that contains the results of the study 
        required by paragraph (1).
    (d) Sense of the Congress With Respect to Court Accountability for 
Improved Child Outcomes.--It is the sense of the Congress that State 
judicial leadership should use the measures of court performance 
described in section 13712(b)(2) of the Omnibus Budget Reconciliation 
Act of 1993 (as amended by subsection (a) of this section) to ensure 
accountability by every court for improved outcomes for children, and 
to inform decisions about allocating resources across the court system.
    (e) Sense of the Congress With Respect to the Organization of State 
Dependency Courts.--It is the sense of the Congress that State courts 
should be organized to enable children and parents to have legal 
representation and participate in a meaningful way in their own court 
proceedings.
    (f) Sense of the Congress With Respect to Building the Pool of 
Attorneys Qualified to Handle Cases in Dependency Courts.--It is the 
sense of the Congress that law schools, bar associations, and law firms 
should help build the pool of qualified attorneys available to children 
and parents in dependency courts.
    (g) Sense of the Congress With Respect to Training, Caseloads, and 
Compensation of Attorneys for Children.--It is the sense of the 
Congress that attorneys for children should have adequate training, 
reasonable caseloads, and receive reasonable and adequate compensation.

SOLUTION: Fostering Our Future Act of 2006 - Amends the Omnibus Budget Reconciliation Act of 1993 to require, for grants to the highest state courts for foster care proceedings, that the state in which the courts are located has laws and procedures in effect that will ensure that the courts measure their performance with respect to children under the court's jurisdiction.

 Amends the Higher Education Act of 1965 to authorize the Secretary of Education to forgive the student loan debt of a borrower who: (1) enters a written agreement with the Secretary to remain employed full-time as a family law, dependency, or domestic relations attorney for at least three years; and (2) is not in default on a loan for which the borrower seeks forgiveness. Limits the amount that the Secretary may pay to no more than $6,000 in any year for any borrower or $50,000 in the aggregate for any borrower. Authorizes the Secretary to renew such agreements.

 Directs the Comptroller General to conduct a comparative study of state dependency courts and foster care systems.

 Expresses the sense of Congress with respect to: (1) court accountability for improved child outcomes; (2) the organization of state dependency courts; (3) building the pool of attorneys qualified to handle cases in dependency courts; and (4) training, caseloads, and compensation of attorneys for children.

PROBLEM: SECTION 1. 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:
            ``(5) Certain privately insured credit unions.--
                    ``(A) In general.--Subject to the requirements of 
                subparagraph (B), a credit union that lacks insurance 
                of its member accounts under Federal law shall be 
                treated as an insured depository institution for 
                purposes of this Act.
                    ``(B) Certification by appropriate state 
                supervisor.--For purposes of this paragraph, a credit 
                union that lacks insurance of its member accounts under 
                Federal law and that has applied for membership in a 
                Federal home loan bank shall be treated as an insured 
                depository institution if the following has occurred:
                            ``(i) Determination by state supervisor of 
                        the credit union.--
                                    ``(I) In general.--Subject to 
                                subclause (II), the appropriate 
                                supervisor of the State in which the 
                                credit union is chartered has 
                                determined that the credit union meets 
                                all the eligibility requirements under 
                                section 201(a) of the Federal Credit 
                                Union Act (12 U.S.C. 1781(a)) to apply 
                                for insurance of its member accounts as 
                                of the date of the application for 
                                membership.
                                    ``(II) Certification deemed 
                                valid.--In the case of any credit union 
                                to which subclause (I) applies, if the 
                                appropriate supervisor of the State in 
                                which such credit union is chartered 
                                fails to make the determination 
                                required pursuant to such subclause by 
                                the end of the 12-month period 
                                beginning on the date on which the 
                                application is submitted to the 
                                supervisor, the credit union shall be 
                                deemed to have met the requirements of 
                                subclause (I).
                            ``(ii) Determination by state supervisor of 
                        the private deposit insurer.--The licensing 
                        entity of the private deposit insurer that is 
                        insuring the member accounts of the credit 
                        union--
                                    ``(I) receives, on an annual basis, 
                                an independent actuarial opinion that 
                                the private insurer has set aside 
                                sufficient reserves for losses; and
                                    ``(II) obtains, as frequently as 
                                appropriate, but not less frequently 
                                than every 36 months, an independent 
                                actuary's study of the capital adequacy 
                                of the private insurer.
                            ``(iii) Submission of financial 
                        information.--The credit union or the 
                        appropriate supervisor of the State in which 
                        such credit union is chartered makes available, 
                        and continues to make available for such time 
                        as the credit union is a member of a Federal 
                        home loan bank, to the Federal Housing Finance 
                        Agency or to the Federal home loan bank all 
                        reports, records, and other information related 
                        to any examinations or inquiries performed by 
                        the supervisor concerning the financial 
                        condition of the credit union, as soon as is 
                        practicable.
                    ``(C) Security interests of federal home loan bank 
                not avoidable.--Notwithstanding 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 that 
                        is a member of any such bank pursuant to this 
                        paragraph; or
                            ``(ii) any security interest in the assets 
                        of such a credit union securing any such 
                        extension of credit.
                    ``(D) Protection for certain federal home loan bank 
                advances.--Notwithstanding any State law to the 
                contrary, if a Bank makes an advance under section 10 
                to a State-chartered credit union that is not federally 
                insured--
                            ``(i) the Bank's interest in any collateral 
                        securing the 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 
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 a semicolon; and
            (3) by inserting at the end the following:
                            ``(iii) in the case of depository 
                        institutions described in subsection (e)(2)(A), 
                        the member accounts of which are insured by the 
                        private deposit insurer, which are members of a 
                        Federal home loan bank, to the Federal Housing 
                        Finance Agency, not later than 7 days after the 
                        audit is completed.''.
    (c) 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 the member accounts of 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 member 
        accounts of which are insured by a private deposit insurer, 
        information on the level of compliance with Federal regulations 
        relating to the disclosure of a lack of Federal deposit 
        insurance.

SOLUTION:
Amends the Federal Home Loan Bank Act to treat certain privately (but not federally) 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 specified conditions are met, including: (1) that the supervisor of the chartering state has determined that the credit union meets all federal deposit insurance eligibility requirements; (2) the state supervisor of the credit union's private deposit insurer receives annual independent actuarial opinions that the private insurer has sufficient reserves for losses, as well as periodic actuarial studies of the insurer's capital adequacy; and (3) the credit union's financial information is made available to the Federal Housing Finance Agency (FHFA) or to the federal home loan bank.  Deems such a credit union to have met the eligibility criteria for federal home loan bank membership if, 12 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 FHFA.  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.