#aac? ,,congress  #b;d ,session  ,h4 ,r4
 #cehd  ,,an ,,act  ,to am5d ! ,f$]al   
,home ,loan ,bank ,act to au?orize      
privately insur$ cr$it unions to become 
memb]s ( a ,f$]al home loan bank1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,capital ,access =     
,small ,community ,f9ancial ,in/itutions
 ,act ( #bjad4  #b4 ,privately insur$   
cr$it unions au?oriz$ to become memb]s (
 a ,f$]al home loan bank  7a7 ,9 g5]al  
,section #d7;a7 ( ! ,f$]al ,home ,loan  
,bank ,act 7#ab ,u4,s4,c4 #adbd7;a77 is 
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#e7 ,c]ta9 privately insur$ 
cr$it unions  7,a7 ,9 g5]al ,subject to 
! requirem5ts ( subp>agraph 7,b71 a     
cr$it union %all be treat$ z an insur$  
depository in/itution = purposes (      
det]m9+ ! eligibility ( su* cr$it union 
= memb]%ip 9 a ,f$]al home loan bank "u 
p>agraphs 7#a71 7#b71 & 7#c74  7,b7     
,c]tification by appropriate sup]visor  
7i7 ,9 g5]al ,= purposes ( ?is p>agraph 
& subject to clause 7ii71 a cr$it union 

:i* lacks ,f$]al deposit insurance & :i*
 has appli$ = memb]%ip 9 a ,f$]al home  
loan bank may be treat$ z meet+ all !   
eligibility requirem5ts = ,f$]al deposit
 insurance only if ! appropriate        
sup]visor ( ! ,/ate 9 :i* ! cr$it union 
is *>t]$ has det]m9$ t ! cr$it union    
meets all ! eligibility requirem5ts =   
,f$]al deposit insurance z ( ! date ( ! 
application = memb]%ip4  7ii7           
,c]tification deem$ valid ,if1 9 ! case 
( any cr$it union to :i* clause 7i7     
applies1 ! appropriate sup]visor ( !    
,/ate 9 :i* su* cr$it union is *>t]$    
fails to make a det]m9ation pursuant to 
su* clause by ! end ( ! #f-mon? p]iod   
beg9n+ on ! date ( ! application1 !     
cr$it union %all be deem$ to h met !    
requirem5ts ( clause 7i74  7,c7         
,security int]e/s ( f$]al home loan bank
 n avoidable ,not)/&+ any provision (   
,/ate law au?oriz+ a cons]vator or      
liquidat+ ag5t ( a cr$it union to       
repudiate contracts1 no su* provision   
%all apply ) respect to--  7i7 any      

ext5sion ( cr$it f any ,f$]al home loan 
bank to any cr$it union :i* is a memb] (
 any su* bank pursuant to ?is p>agraph2 
or  7ii7 any security int]e/ 9 ! assets 
( su* cr$it union secur+ any su*        
ext5sion ( cr$it4  7,d7 ,protection =   
c]ta9 ,f$]al home loan bank advances    
,not)/&+ any ,/ate law to ! contr>y1 if 
a ,bank makes an advance "u section #aj 
to a ,/ate-*>t]$ cr$it union t is n     
f$]ally insur$--  7i7 ! ,bank's int]e/ 9
 any collat]al secur+ su* advance has ! 
same priority & is af=d$ ! same /&+ &   
rights t ! security int]e/ w\ld h _h if 
! advance _h be5 made to a              
f$]ally-insur$ cr$it union2 &  7ii7 !   
,bank has ! same "r to access su*       
collat]al t ! ,bank w\ld h _h if !      
advance _h be5 made to a f$]ally-insur$ 
cr$it union4  4  7b7 ,copies ( audits ( 
private insur]s ( c]ta9 depository      
in/itutions requir$ ,to be provid$ to   
sup]visory ag5cies ,section             
#dc7;a77#b77;,a7 ( ! ,f$]al ,deposit    
,insurance ,act 7#ab ,u4,s4,c4          

#ahcat7a77#b77;,a77 is am5d$--  7#a7 9  
clause 7i71 by /rik+ & at ! end2  7#b7 9
 clause 7ii71 by /rik+ ! p]iod at ! end 
& ins]t+ a semicolon2 &  7#c7 by ins]t+ 
at ! end ! foll[+ new clause3  7iii7 9 !
 case ( depository in/itutions describ$ 
9 subsection 7e77#b77;,a7 ! deposits (  
:i* are insur$ by ! private insur] :i*  
are memb]s ( a ,f$]al home loan bank1 to
 ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 n lat]  
?an #g days aft] ! audit is complet$4  4
  #c4 ,,gao ,report ,n lat] ?an #ah     
mon?s aft] ! date ( enactm5t ( ?is ,act1
 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates 
%all conduct a /udy & submit a report to
 ,congress--  7#a7 on ! adequacy (      
insurance res]ves held by a private     
deposit insur] t insures deposits 9 an  
entity describ$ 9 section               
#dc7;e77#b77;,a7 ( ! ,f$]al ,deposit    
,insurance ,act 7#ab ,u4,s4,c4          
#ahcat7e77#b77;,a772 &  7#b7 = an entity
 describ$ 9 p>agraph 7#a7 ! deposits (  
:i* are insur$ by a private deposit     
insur]1 in=mation on ! level (          

compliance ) ,f$]al regulations relat+  
to ! disclosure ( a lack ( ,f$]al       
deposit insurance4  ,pass$ ! ,h\se (    
,repres5tatives ,may #f1 #bjad4;,cl]k4