,,ii  #aad? ,,congress  #a/ ,session    
,s4 #acfg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ah1 #bjae ,mr4   
,donnelly 7= himself & ,mr4 ,portman7   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,f$]al ,home ,loan   
,bank ,act ) respect to memb]%ip        
eligibility ( c]ta9 in/itutions4  #a4   
,privately insur$ 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[+3  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 t lacks insurance ( 
its memb] acc\nts "u ,f$]al law %all be 
treat$ z an insur$ depository in/itution
 = purposes ( ?is ,act4  7,b7           
,c]tification by appropriate ,/ate      
sup]visor ,= purposes ( ?is p>agraph1 a 
cr$it union t lacks insurance ( its     

memb] acc\nts "u ,f$]al law & t has     
appli$ = memb]%ip 9 a ,f$]al home loan  
bank %all be treat$ z an insur$         
depository in/itution if ! foll[+ has   
occurr$3  7i7 ,det]m9ation by ,/ate     
sup]visor ( ! cr$it union  7,i7 ,9 g5]al
 ,subject to subclause 7,,ii71 !        
appropriate sup]visor ( ! ,/ate 9 :i* ! 
cr$it union is *>t]$ has det]m9$ t !    
cr$it union meets all ! eligibility     
requirem5ts "u section #bja7;a7 ( !     
,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4
 #agha7;a77 to apply = insurance ( its  
memb] acc\nts z ( ! date ( ! application
 = memb]%ip4  7,,ii7 ,c]tification deem$
 valid ,9 ! case ( any cr$it union to   
:i* subclause 7,i7 applies1 if !        
appropriate sup]visor ( ! ,/ate 9 :i*   
su* cr$it union is *>t]$ fails to make !
 det]m9ation requir$ pursuant to su*    
subclause by ! end ( ! #ab-mon? p]iod   
beg9n+ on ! date on :i* ! application is
 submitt$ to ! sup]visor1 ! cr$it union 
%all be deem$ to h met ! requirem5ts (  
subclause 7,i74  7ii7 ,det]m9ation by   

,/ate sup]visor ( ! private deposit     
insur] ,! lic5s+ entity ( ! private     
deposit insur] t is insur+ ! memb]      
acc\nts ( ! cr$it union--  7,i7         
receives1 on an annual basis1 an        
indep5d5t actu>ial op9ion t ! private   
insur] has set aside suffici5t res]ves =
 losses2 &  7,,ii7 obta9s1 z frequ5tly z
 appropriate1 b n less frequ5tly ?an e  
#cf mon?s1 an indep5d5t actu>y's /udy ( 
! capital adequacy ( ! private insur]4  
7iii7 ,submission ( f9ancial in=mation  
,! cr$it union or ! appropriate         
sup]visor ( ! ,/ate 9 :i* su* cr$it     
union is *>t]$ makes available1 &       
cont9ues to make available = su* "t z ! 
cr$it union is a memb] ( a ,f$]al home  
loan bank1 to ! ,f$]al ,h\s+ ,f9ance    
,ag5cy or to ! ,f$]al home loan bank all
 reports1 records1 & o!r in=mation      
relat$ to any exam9ations or inquiries  
p]=m$ by ! sup]visor conc]n+ ! f9ancial 
condition ( ! cr$it union1 z soon z is  
practicable4  7,c7 ,security int]e/s (  
f$]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
 t is a memb] ( any su* bank pursuant to
 ?is p>agraph2 or  7ii7 any security    
int]e/ 9 ! assets ( su* a 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$--  7i7 !    
,bank's int]e/ 9 any collat]al secur+ ! 
advance has ! same priority & is af=d$ !
 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[+3  7iii7 9 ! case (    
depository in/itutions describ$ 9       
subsection 7e77#b77;,a71 ! memb] acc\nts
 ( :i* are insur$ by ! private deposit  
insur]1 :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$4  4  7c7 ,,gao ,report ,n   
lat] ?an #ah mon?s aft] ! date (        
enactm5t ( ?is ,act1 ! ,comptroll]      
,g5]al ( ! ,unit$ ,/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 ! memb] acc\nts ( 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#a71 !  
memb] acc\nts ( :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