VOLUNTARY MERGERS.

SEC. 1209. VOLUNTARY MERGERS. Section 26 of the Federal Home Loan Bank Act (12 U.S.C. 1446) is amended—(1) by striking “Whenever” and inserting “(a) In General.—Whenever”; and(2) by adding at the end the following:“(b) Voluntary Mergers Authorized.—“(1) In general.—Any Federal Home Loan Bank may, with the approval of the Director and of the boards of directors of the Banks involved, merge with another Bank.“(2) Regulations required.—The Director shall promulgate regulations establishing the conditions and procedures for the consideration and approval of any voluntary merger described in paragraph (1), including the procedures for Bank member approval.”.122 STAT. 2790