Sec. 3. Adding credit unions and community development financial institutions to the definition of community financial institutions
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Section 2(10) of the Federal Home Loan Bank Act ( 12 U.S.C. 1422(10) ) is amended— in subparagraph (A), by striking clauses
(i)and
(ii)and inserting the following: the deposits of which are insured under the Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq. ) or the Federal Credit Union Act ( 12 U.S.C. 1751 et seq. ), or that qualifies under section 4(a)(5) to be treated as an insured depository institution for purposes of determining eligibility for membership; and that has, as of the date of the transaction at issue, less than $1,000,000,000 in average total assets, based on an average of total assets over the 3 years preceding that date; or that has been certified as a community development financial institution (as defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 )) by the Secretary of the Treasury. ; and in subparagraph (B), by striking (A)(ii) and inserting (A)(i)(II) .
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Sec. 3
Adding credit unions and community development financial institutions to the definition of community financial institutions
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