,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #cehd  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #ba1         
#bjac,mr4 ,/iv]s introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,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 ,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$it4  4  7b7 ,copies (     
audits ( private insur]s ( c]ta9        
depository in/itutions requir$ ,to be   
provid$ to sup]visory ag5cies ,section  
#dc7;a77#b7 ( ! ,f$]al ,deposit         
,insurance ,act 7#ab ,u4,s4,c4          
#ahcat7a77#b77 is am5d$-- 7#a7 by /rik+ 
& at ! end ( subp>agraph 7,a77i72  7#b7 
by /rik+ ! p]iod at ! end ( clause 7ii7 
( subp>agraph 7,a7 & ins]t+ a semicolon2
  7#c7 by ins]t+ ! foll[+ new clauses at
 ! end ( subp>agraph 7,a73  7iii7 9 !   
case ( depository in/itutions describ$ 9
 subsection 7e77#b77;,a7 ! deposits (   
:i* are insur$ by ! private insur]1 !   
,national ,cr$it ,union ,adm9i/ration1 n
 lat] ?an #g days aft] t audit is       
complet$2 &  7iv7 9 ! case ( depository 

in/itutions describ$ 9 subsection       
7e77#b77;,a7 ! deposits ( :i* are insur$
 by ! private insur] :i* are memb]s ( a 
,f$]al home loan bank1 ! ,f$]al ,h\s+   
,f9ance ,ag5cy1 n lat] ?an #g days aft] 
t audit is complet$4  2 &  7#d7 by add+ 
at ! end ! foll[+ new subp>agraph3  7,c7
 ,consultation ,! appropriate sup]visory
 ag5cy ( ea* ,/ate 9 :i* a private      
deposit insur] insures deposits 9 an    
in/itution describ$ 9 subsection        
7e77#b77;,a7 :i*-- 7i7 lacks ,f$]al     
deposit insurance2 &  7ii7 has become a 
memb] ( a ,f$]al home loan bank1  %all  
provide ! ,national ,cr$it ,union       
,adm9i/ration1 ^u reque/1 ) ! results ( 
any exam9ation & reports relat$ !reto   
conc]n+ ! private deposit insur] :i* su*
 ag5cy may h 9 its possession4  4