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H. Rept. 114-58 1 (2015-04-13)

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                   114TH CONGRESS                                     REPORT
                      1st Session   HOUSE  OF REPRESENTATIVES         114-58





                      CAPITAL  ACCESS   FOR  SMALL   COMMUNITY FINANCIAL
                                   INSTITUTIONS ACT OF 2015


                    APRIL 13, 2015.-Committed to the Committee of the Whole House on the State of
                                     the Union and ordered to be printed


                      Mr. HENSARLING, from the Committee  on Financial Services,
                                       submitted the following


                                          REPORT

                                          [To accompany H.R. 299]

                            [Including cost estimate of the Congressional Budget Office]
                     The Committee  on Financial Services, to whom was referred the
                   bill (H.R. 299) to amend the Federal Home Loan Bank  Act to au-
                   thorize privately insured credit unions to become members of a
                   Federal home loan bank, and for other purposes, having considered
                   the same, report favorably thereon without amendment  and  rec-
                   ommend  that the bill do pass.
                                       PURPOSE  AND SUMMARY
                     H.R. 299, the Capital Access for Small Community Financial In-
                   stitutions Act of 2015, would amend Section 4(a) of the Federal
                   Home  Loan Bank  Act (12 U.S.C. 1424(a)) to treat certain privately
                   insured credit unions as insured depository institutions for pur-
                   poses of determining eligibility for membership in a Federal Home
                   Loan Bank  (FHLB). In order to be eligible for membership, a pri-
                   vately insured credit union would need to receive a certification
                   from its state supervisor stating that it is eligible to apply for fed-
                   eral deposit insurance. Additionally, the private insurer of the cred-
                   it union would be required to provide a copy of the credit union's
                   annual audit report to the National Credit Union Administration
                   (NCUA)  and the Federal Housing  Finance Agency (FHFA).  More-
                   over, within 18 months of the bill's enactment, the Comptroller
                   General of the United States is required to report to Congress on
                   the adequacy of insurance reserves held by a private deposit in-
                   surer and provide information on the level of compliance with fed-
                      49-006

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