#aacth ,,congress  #b;d ,session  ,h4   
,r4 #cehd  ,,an ,,act  ,to amend the    
,federal ,home ,loan ,bank ,act to      
authorize privately insured credit      
unions to become members of a ,federal  
home loan bank1 and for other purposes4 
#a4 ,short title ,this ,act may be cited
 as the ,capital ,access for ,small     
,community ,financial ,institutions ,act
 of #bjad4  #b4 ,privately insured      
credit unions authorized to become      
members of a ,federal home loan bank    
7a7 ,in general ,section #d7;a7 of the  
,federal ,home ,loan ,bank ,act 7#ab    
,u4,s4,c4 #adbd7;a77 is amended by      
adding at the end the following new     
paragraph3  7#e7 ,certain privately     
insured credit unions  7,a7 ,in general 
,subject to the requirements of         
subparagraph 7,b71 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 7#a71 7#b71 and 7#c74 

7,b7 ,certification by appropriate      
supervisor  7i7 ,in general ,for        
purposes of this paragraph and subject  
to clause 7ii71 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 membership4  7ii7       
,certification deemed valid ,if1 in the 
case of any credit union to which clause
 7i7 applies1 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 #f-month period         
beginning on the date of the            
application1 the credit union shall be  

deemed to have met the requirements of  
clause 7i74  7,c7 ,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 contracts1 no such provision  
shall apply with respect to--  7i7 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 paragraph2 or  7ii7 any security
 interest in the assets of such credit  
union securing any such extension of    
credit4  7,d7 ,protection for certain   
,federal home loan bank advances        
,notwithstanding any ,state law to the  
contrary1 if a ,bank makes an advance   
under section #aj to a ,state-chartered 
credit union that is not federally      
insured--  7i7 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 union2 and     
7ii7 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      
union4  4  7b7 ,copies of audits of     
private insurers of certain depository  
institutions required ,to be provided to
 supervisory agencies ,section          
#dc7;a77#b77;,a7 of the ,federal        
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahcat7a77#b77;,a77 is amended--  7#a7  
in clause 7i71 by striking and at the   
end2  7#b7 in clause 7ii71 by striking  
the period at the end and inserting a   
semicolon2 and  7#c7 by inserting at the
 end the following new clause3  7iii7 in
 the case of depository institutions    
described in subsection 7e77#b77;,a7 the
 deposits of which are insured by the   
private insurer which are members of a  
,federal home loan bank1 to the ,federal
 ,housing ,finance ,agency1 not later   
than #g days after the audit is         

completed4  4  #c4 ,,gao ,report ,not   
later than #ah months after the date of 
enactment of this ,act1 the ,comptroller
 ,general of the ,united ,states shall  
conduct a study and submit a report to  
,congress--  7#a7 on the adequacy of    
insurance reserves held by a private    
deposit insurer that insures deposits in
 an entity described in section         
#dc7;e77#b77;,a7 of the ,federal        
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahcat7e77#b77;,a772 and  7#b7 for an   
entity described in paragraph 7#a7 the  
deposits of which are insured by a      
private deposit insurer1 information on 
the level of compliance with ,federal   
regulations relating to the disclosure  
of a lack of ,federal deposit insurance4
  ,passed the ,house of ,representatives
 ,may #f1 #bjad4;,clerk4