Amends the Federal Home Loan Bank Act to authorize more than 150 state-chartered, privately insured credit unions in nine states to apply to become members of a Federal Home Loan Bank. The Federal Home Loan Bank System is comprised of twelve government-sponsored banks that provide secured loan advance for home mortgage and small business loans to 8,000 institutions. A similar proposal has been put forth in Senate by Ohio Sens. Sherrod Brown and Rob Portman.
- Not enactedThe President has not signed this bill
- The senate has not voted
Senate Committee on Banking, Housing, and Urban Affairs
- senate Committees
- The house Passed May 6th, 2014Roll Call Vote 395 Yea / 0 Nay
House Committee on Financial ServicesFinancial Institutions and Consumer CreditIntroducedNovember 21st, 2013
- house Committees
What is it?
If enacted, the bill would allow member-owned credit unions to provide greater access to increased residential-mortgage and small-business lending.
A CBO cost estimate is not available at this time.