[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3584 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3584

To amend the Federal Home Loan Bank Act to authorize privately insured 
 credit unions to become members of a Federal home loan bank, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 21, 2013

 Mr. Stivers introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Home Loan Bank Act to authorize privately insured 
 credit unions to become members of a Federal home loan bank, and for 
                            other purposes.

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

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 new 
paragraph:
            ``(5) Certain privately insured credit unions.--
                    ``(A) In general.--Subject to the requirements of 
                subparagraph (B), a credit union 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).
                    ``(B) Certification by appropriate supervisor.--
                            ``(i) In general.--For purposes of this 
                        paragraph and subject to clause (ii), a credit 
                        union which lacks Federal deposit insurance and 
                        which has applied for membership in a Federal 
                        home loan bank may be treated as meeting all 
                        the eligibility requirements for Federal 
                        deposit insurance only if the appropriate 
                        supervisor of the State in which the credit 
                        union is chartered has determined that the 
                        credit union meets all the eligibility 
                        requirements for Federal deposit insurance as 
                        of the date of the application for membership.
                            ``(ii) Certification deemed valid.--If, in 
                        the case of any credit union to which clause 
                        (i) applies, the appropriate supervisor of the 
                        State in which such credit union is chartered 
                        fails to make a determination pursuant to such 
                        clause by the end of the 6-month period 
                        beginning on the date of the application, the 
                        credit union shall be deemed to have met the 
                        requirements of clause (i).
                    ``(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 
                        which is a member of any such bank pursuant to 
                        this paragraph; or
                            ``(ii) any security interest in the assets 
                        of such credit union securing any such 
                        extension of credit.''.
    (b) Copies of Audits of Private Insurers of Certain Depository 
Institutions Required To Be Provided to Supervisory Agencies.--Section 
43(a)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1831t(a)(2)) 
is amended--
            (1) by striking ``and'' at the end of subparagraph (A)(i);
            (2) by striking the period at the end of clause (ii) of 
        subparagraph (A) and inserting a semicolon;
            (3) by inserting the following new clauses at the end of 
        subparagraph (A):
                            ``(iii) in the case of depository 
                        institutions described in subsection (e)(2)(A) 
                        the deposits of which are insured by the 
                        private insurer, the National Credit Union 
                        Administration, not later than 7 days after 
                        that audit is completed; and
                            ``(iv) in the case of depository 
                        institutions described in subsection (e)(2)(A) 
                        the deposits of which are insured by the 
                        private insurer which are members of a Federal 
                        home loan bank, the Federal Housing Finance 
                        Agency, not later than 7 days after that audit 
                        is completed.''; and
            (4) by adding at the end the following new subparagraph:
                    ``(C) Consultation.--The appropriate supervisory 
                agency of each State in which a private deposit insurer 
                insures deposits in an institution described in 
                subsection (e)(2)(A) which--
                            ``(i) lacks Federal deposit insurance; and
                            ``(ii) has become a member of a Federal 
                        home loan bank,
                shall provide the National Credit Union Administration, 
                upon request, with the results of any examination and 
                reports related thereto concerning the private deposit 
                insurer which such agency may have in its 
                possession.''.
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