[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 299 Referred in Senate (RFS)]
114th CONGRESS
1st Session
H. R. 299
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 14, 2015
Received; read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
AN ACT
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. SHORT TITLE.
This Act may be cited as the ``Capital Access for Small Community
Financial Institutions Act of 2015''.
SEC. 2. 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.
``(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 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
``(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 ``; and''; and
(3) by inserting at the end the following new clause:
``(iii) 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, to the Federal Housing Finance
Agency, not later than 7 days after the audit
is completed.''.
SEC. 3. 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 deposits in 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 deposits
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.
Passed the House of Representatives April 13, 2015.
Attest:
KAREN L. HAAS,
Clerk.