ELIGIBILITY OF BORROWERS TO SECURE ADVANCES.

SEC. 710. ELIGIBILITY OF BORROWERS TO SECURE ADVANCES. (a) In General.—Section 9 of the Federal Home Loan Bank Act (12 U.S.C. 1429) is amended by striking “or nonmember borrower” in the first sentence. (b) Conforming Amendments.—The Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amended— (1) in sections 2(5) and 4(b), by striking “or a nonmember borrower” wherever it appears; (2) in section 6(e) (as redesignated by section 706 of this Act), by striking “or nonmember borrower” wherever it appears; (3) in section 6(e) (as redesignated by section 706 of this Act), by striking “or deprive any non member borrower of the privilege of further advances,”; (4) in sections 7Q) and 10(c), by striking “or nonmember borrower” wherever it appears; (5) in section 10(c), by striking “, or made to a nonmember borrower” in the second sentence; and (6) in sections 11(g) and 11(h), by striking “or nonmember borrowers” wherever it appears. (c) Community Support.—Section 10 of the Federal Home Loan Bank Act (12 U.S.C. 1430) is amended by adding at the end the following: “(g) Community Support Requirements.— “(1) In general.—Before the end of the 2-year period beginning on the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Board shall adopt regulations establishing standards of community 103 STAT. 419investment or service for members of Banks to maintain continued access to long-term advances. “(2) Factors to be included.—The regulations promulgated pursuant to paragraph (1) shall take into account factors such as a member’s performance under the Community Reinvestment Act of 1977 and the member’s record of lending to first-time homebuyers.”.