[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2796 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2796

  To amend the Federal Home Loan Bank Act to permit privately insured 
      credit unions to become members of a Federal home loan bank.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 2001

 Mr. Ney (for himself, Mr. Oxley, Ms. Pryce of Ohio, Mr. Gillmor, Mrs. 
Jones of Ohio, and Mr. Tiberi) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Home Loan Bank Act to permit privately insured 
      credit unions to become members of a Federal home loan bank.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Home Loan Bank Membership 
Act of 2001''.

SEC. 2. PRIVATELY INSURED CREDIT UNIONS AUTHORIZED TO BECOME MEMBERS OF 
              A FEDERAL HOME LOAN BANK.

    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 credit 
        union which has been determined, in accordance with section 
        43(e)(1) of the Federal Deposit Insurance Act, to meet all 
        eligibility requirements for Federal deposit insurance shall be 
        treated as an insured depository institution for purposes of 
        determining the eligibility of such credit union for membership 
        in a Federal home loan bank under paragraphs (1), (2), and 
        (3).''.
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