Adding credit unions and community development financial institutions to the definition of community financial institutions

Section 2(10) of the Federal Home Loan Bank Act (12 U.S.C. 1422(10)) is amended— (1) in subparagraph (A), by striking clauses (i) and (ii) and inserting the following: (i) (I) 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 (II) 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 (ii) 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 (2) in subparagraph (B), by striking (A)(ii) and inserting (A)(i)(II).