H.R.3584 - To amend the Federal Home Loan Bank Act to authorize privately insured credit unions to become members of a Federal home loan bank, and for other purposes.113th Congress (2013-2014)
Summary: H.R.3584 — 113th Congress (2013-2014)
Introduced in House (11/21/2013)
Amends the Federal Home Loan Bank Act to treat certain privately insured credit unions as insured depository institutions for purposes of determining eligibility for membership in a federal home loan bank.
Permits a credit union which lacks federal deposit insurance and has applied for membership in a federal home loan bank to be treated as meeting all the eligibility requirements for federal deposit insurance if the supervisor of the chartering state has determined that it meets all federal deposit insurance eligibility requirements.
Deems such a credit union to have met the eligibility criteria for federal home loan bank membership if, six months after its application date, the state supervisor has failed to act upon the application.
Prohibits the application of a state law authorizing a conservator or liquidating agent of a credit union to repudiate contracts to any: (1) extension of credit from a federal home loan bank to a credit union which is a member of that bank, or (2) security interest in the assets of the credit union securing such extension of credit.
Amends the Federal Deposit Insurance Act to require private deposit insurers of credit unions to submit copies of their audit reports within seven days to the National Credit Union Administration and, if the insured credit union is a member of a federal home loan bank, to the Federal Housing Finance Agency.
Requires the supervisory agency of each state in which a private deposit insurer insures deposits in a credit union which lacks federal deposit insurance and has become a member of a federal home loan bank to provide the National Credit Union Administration, upon request, the results of any examination and reports which the agency may have in its possession concerning the private deposit insurer.