To amend the Federal Home Loan Bank Act to authorize privately insured credit unions to become members of a Federal home loan bank (H.R. 3584; 113th Congress)
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| Full title | 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. |
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| Introduced in | 113th United States Congress |
| Introduced on | November 21, 2013 |
| Sponsored by | Rep. Steve Stivers (R, OH-15) |
| Number of co-sponsors | 0 |
| Effects and codifications | |
| U.S.C. section(s) affected | 12 U.S.C. § 1831t, 12 U.S.C. § 1424 |
| Agencies affected | National Credit Union Administration, Federal Housing Finance Agency |
| Legislative history | |
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H.R. 3584 is a bill that would amend 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. This change would make such credit unions "eligible for membership in the Federal Home Loan Bank System."
The bill was introduced into the United States House of Representatives during the 113th United States Congress.
A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. Many credit unions also provide services intended to support community development or sustainable international development on a local level.
This summary is based largely on the summary provided by the Congressional Research Service, a public domain source.
The bill would amend 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.
The bill would permit 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.
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