Sec. 925. FHLB membership

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In this subsection: The term community development financial institution has the meaning given that term in section 103 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4702 ). The term covered proposed rule means the proposed rule of the Federal Housing Finance Agency entitled Members of Federal Home Loan Banks (79 Fed. Reg. 54848 (September 12, 2014)). The terms community financial institution , Federal Home Loan Bank , and Federal Home Loan Bank System have the meanings given those terms in section 2 of the Federal Home Loan Bank Act ( 12 U.S.C. 1422 ).

Not later than 30 days after the date of enactment of this title, the Federal Housing Finance Agency shall withdraw the covered proposed rule. The Comptroller General of the United States shall conduct a study on the impact that the covered proposed rule would have, if adopted as proposed, on— the ability of the Federal Home Loan Banks to fulfill the mandate to provide liquidity to support housing finance and economic and community development; the safety and soundness of the Federal Home Loan Bank System; the liquidity needs of financial intermediaries; the stability of the Federal Home Loan Bank System; the benefits of a diverse membership base for Federal Home Loan Banks; and the ability of member institutions to rely on access to Federal Home Loan Bank advances.

In conducting the study under clause (i), the Comptroller General of the United States shall consider— the comment letters submitted in response to the notice of proposed rulemaking for the covered proposed rule; the legislative and administrative history of the Federal Home Loan Bank membership rules; the burden placed on community financial institutions and community development financial institutions; and the legal authority of the Federal Housing Finance Agency to exclude from membership any class or category of insurance companies.

Not later than 1 year after the date of enactment of this title, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the findings of the study conducted under subparagraph (A)(i). Section 2(10)(A)(i) of the Federal Home Loan Bank Act ( 12 U.S.C. 1422(10)(A)(i) ) is amended to read as follows: the deposits of which— are insured under the Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq. ); or are insured under or eligible to be insured under the Federal Credit Union Act ( 12 U.S.C. 1751 et seq. ); and .

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12 USC 4702
79 FR 54848
12 USC 1422
12 USC 1422(10)(A)(i)
12 USC 1811
12 USC 1751

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cites case law

Sec. 925

FHLB membership

Cite12 USC 4702

Fed. Reg.79 FR 54848

Cite12 USC 1422

Cite12 USC 1422(10)(A)(i)

Cite12 USC 1811

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