,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #cehd  ,,in ,,the ,,house ,,of  
,,representatives  ,november #ba1       
#bjac,mr4 ,stivers introduced the       
following bill2 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 bank1 and for   
other purposes4  #a4 ,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  4  7b7 ,copies of audits of    
private insurers of certain depository  
institutions required ,to be provided to
 supervisory agencies ,section          
#dc7;a77#b7 of the ,federal ,deposit    
,insurance ,act 7#ab ,u4,s4,c4          
#ahcat7a77#b77 is amended-- 7#a7 by     
striking and at the end of subparagraph 
7,a77i72  7#b7 by striking the period at
 the end of clause 7ii7 of subparagraph 

7,a7 and inserting a semicolon2  7#c7 by
 inserting the following new clauses at 
the end of subparagraph 7,a73  7iii7 in 
the case of depository institutions     
described in subsection 7e77#b77;,a7 the
 deposits of which are insured by the   
private insurer1 the ,national ,credit  
,union ,administration1 not later than  
#g days after that audit is completed2  
and  7iv7 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  
the ,federal ,housing ,finance ,agency1 
not later than #g days after that audit 
is completed4  2 and  7#d7 by adding at 
the end the following new subparagraph3 
7,c7 ,consultation ,the appropriate     
supervisory agency of each ,state in    
which a private deposit insurer insures 
deposits in an institution described in 
subsection 7e77#b77;,a7 which-- 7i7     
lacks ,federal deposit insurance2 and   
7ii7 has become a member of a ,federal  

home loan bank1  shall provide the      
,national ,credit ,union                
,administration1 upon request1 with the 
results of any examination and reports  
related thereto concerning the private  
deposit insurer which such agency may   
have in its possession4  4