3.0.0 1367 2023-01-11T13:31:07Z 2023-01-11T13:31:07Z Senate S 2015-05-18 114 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2015-05-18T22:58:05Z Community Lender Regulatory Relief and Consumer Protection Act of 2015 114 2642 HR 2015-06-03 Referred to the House Committee on Financial Services. Related bill CRS Community Lender Regulatory Relief and Consumer Protection Act of 2015 114 1491 S 2015-10-28 Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. Related bill CRS Financial Regulatory Improvement Act of 2015 114 1484 S 2015-07-23 Committee on Banking, Housing, and Urban Affairs. Hearings held. Related bill CRS Financial Services and General Government Appropriations Act, 2016 114 1910 S 2015-07-30 Placed on Senate Legislative Calendar under General Orders. Calendar No. 176. Related bill CRS Capital Access for Small Community Financial Institutions Act of 2015 114 299 HR 2015-04-14 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS An Act Making Appropriations to Stop Regulatory Excess and for Other Purposes, 2016 114 2132 S 2015-10-06 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 251. Related bill CRS 2015-05-18 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2015-05-18 Introduced in Senate IntroReferral 10000 9 Library of Congress D000607 Sen. Donnelly, Joe [D-IN] Joe Donnelly D IN N P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2015-05-18 True Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Government studies and investigations Housing finance and home ownership Finance and Financial Sector 00 2015-05-18 Introduced in Senate 2015-09-22T22:41:16Z 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.

]]> A bill to amend the Federal Home Loan Bank Act with respect to membership eligibility of certain institutions. Display Title A bill to amend the Federal Home Loan Bank Act with respect to membership eligibility of certain institutions. Official Title as Introduced A bill to amend the Federal Home Loan Bank Act with respect to membership eligibility of certain institutions. Introduced in Senate IS Introduced in Senate 2015-05-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s1367is/xml/BILLS-114s1367is.xml 2015-05-18 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.