Capital Access for Small Community Financial Institutions Act of 2015
Latest action · Apr 14, 2015 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 13, 2015
- Passed HouseApr 13, 2015
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Capital Access for Small Community Financial Institutions Act of 2015
(Sec. 2) Amends 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.
Permits 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.
Deems such a credit union to have met the eligibility criteria for federal home loan bank membership if, six months after its application date, the state supervisor has failed to act upon the application.
Prohibits the application of a state law authorizing a conservator or liquidating agent of a credit union to repudiate contracts to any: (1) extension of credit from a federal home loan bank to a credit union which is a member of that bank, or (2) security interest in the assets of the credit union securing such extension of credit.
Declares that if a federal home loan bank makes an advance to a state-chartered credit union that is not federally insured: (i) the bank's interest in any collateral securing such advance has the same priority and is afforded the same standing and rights that the security interest would have had if the advance had been made to a federally-insured credit union, and (2) the bank has the same right to access such collateral that it would have had if the advance had been made to a federally-insured credit union.
Amends the Federal Deposit Insurance Act to require private deposit insurers of credit unions that are members of a federal home loan bank to submit copies of their audit reports within seven days to the Federal Housing Finance Agency.
(Sec. 3) Directs the Government Accountability Office to study: (1) the adequacy of insurance reserves held by a private deposit insurer that insures deposits in an insured credit union or any credit union eligible to apply to become one, and (2) such credit unions' compliance with federal regulations governing disclosure of a lack of federal deposit insurance.
Cosponsors 3
Members who signed on, in the order they did. All signed on Jan 13, 2015.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IN | André Carson | Original | Jan 13, 2015 |
| D-OH | Joyce Beatty | Original | Jan 13, 2015 |
| R-OH | Patrick J. Tiberi | Original | Jan 13, 2015 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jan 13, 2015Markup Mar 26, 2015Reported Apr 13, 2015 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Apr 14, 2015 |
Actions 13
Everything that happened, newest first.
- Apr 14, 2015Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Apr 13, 2015Reported by the Committee on Financial Services. H. Rept. 114-58.
- Apr 13, 2015Placed on the Union Calendar, Calendar No. 39.
- Apr 13, 2015Mr. Neugebauer moved to suspend the rules and pass the bill.
- Apr 13, 2015Considered under suspension of the rules. (consideration: CR H2119-2120)
- Apr 13, 2015DEBATE - The House proceeded with forty minutes of debate on H.R. 299.
- Apr 13, 2015Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H2119)
- Apr 13, 2015Motion to reconsider laid on the table Agreed to without objection.
- Mar 26, 2015Committee Consideration and Mark-up Session Held.
- Mar 26, 2015Ordered to be Reported by the Yeas and Nays: 56 - 1.
- Mar 25, 2015Committee Consideration and Mark-up Session Held.
- Jan 13, 2015Introduced in House
- Jan 13, 2015Referred to the House Committee on Financial Services.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H2119, H2120Text printed H2119 | Joyce Beatty D-OH, Michael E. Capuano D-MA, Randy Neugebauer R-TX, Steve Stivers R-OH | Apr 13, 2015 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Apr 9, 2015H.R. 299, Capital Access for Small Community Financial Institutions Act of 2015As ordered reported by the House Committee on Financial Services on March 26, 2015
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 6, January 13, 2015, page H359.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R43167 | Policy Issues Related to Credit Union Lending Archived | Report | Nov 18, 2015 |
Related bills 7
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 22 | FAST Act | Related bill | Dec 4, 2015 |
| S 1367 | A bill to amend the Federal Home Loan Bank Act with respect to membership eligibility of certain institutions. | Related bill | May 18, 2015 |
| S 1484 | Financial Regulatory Improvement Act of 2015 | Related bill | Jul 23, 2015 |
| S 1491 | Community Lender Regulatory Relief and Consumer Protection Act of 2015 | Related bill | Oct 28, 2015 |
| S 1910 | Financial Services and General Government Appropriations Act, 2016 | Related bill | Jul 30, 2015 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Titles as Introduced
- Capital Access for Small Community Financial Institutions Act of 2015
- Short Titles as Reported to House
- Capital Access for Small Community Financial Institutions Act of 2015
- Short Titles as Passed House
- Capital Access for Small Community Financial Institutions Act of 2015
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Apr 14, 2015Referred in Senate
- Apr 13, 2015Reported in House
- Apr 13, 2015Engrossed in House
- Jan 13, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
