H.R. 6105 (112th): To amend the Federal Home Loan Bank Act to allow non-Federally insured credit unions to become members ...

HR 6105 IH

To amend the Federal Home Loan Bank Act to allow non-Federally insured credit unions to become members of a Federal Home Loan Bank.

July 11, 2012

Mr. STIVERS (for himself and Mr. CARSON of Indiana) introduced the following bill; which was referred to the Committee on Financial Services

To amend the Federal Home Loan Bank Act to allow non-Federally insured credit unions to become members of a Federal Home Loan Bank.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. INCLUSION OF NON-FEDERALLY INSURED CREDIT UNIONS.

Section 4 of the Federal Home Loan Bank Act (12 U.S.C. 1424(a)) is amended--

(1) in subsection (a)--

(A) in paragraph (1), by inserting after ‘community development financial institution,’ the following: ‘a State credit union (as such term is defined under section 101 of the Federal Credit Union Act (12 U.S.C. 1752)),’;

(B) in paragraph (2)--

(i) in the matter before subparagraph (A), by inserting after ‘insured depository institution’ the following: ‘or State credit union’;

(ii) in subparagraph (A), by inserting after ‘(other than a community financial institution)’ the following: ‘or State credit union’; and

(iii) in subparagraph (B)--

(I) by inserting after ‘insured depository institution’s’ the following: ‘or State credit union’s’; and

(II) by inserting before the semicolon the following: ‘or State credit union’; and

(C) in paragraph (3), by inserting after ‘insured depository institution’ the following: ‘or State credit union’; and

(2) in subsection (b)--

(A) by inserting after ‘institution’ the following: ‘or State credit union’; and

(B) by inserting after ‘institution’s’ the following: ‘or State credit union’s’.

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