; and (ii) are held by actual bona fide purchasers for value or by actual secured parties that are secured by actual perfected security interests. . (b) Rulemaking Not later than the end of the 1-year period beginning on the date of enactment of this Act, the Director of the Federal Housing Finance Agency shall issue the capital standards and reporting requirements rules described under subparagraphs (A)(ii) and (B)(ii)(IV) of section 4(a)(6) of the Federal Home Loan Bank Act. (c) Applicability Section 4(a)(6) of the Federal Home Loan Bank Act, as added by subsection (a), shall take effect with respect to a captive insurance company on the effective date of the rules required under subsection (b). (d) Captive insurance company eligibility transition period A captive insurance company that has, or will have, the company’s membership in a Federal Home Loan Bank terminated due solely to the change in the treatment of captive insurance companies under the final rule of the Federal Housing Finance Agency titled Members of Federal Home Loan Banks (81 Fed. Reg. 3246; published January 20, 2016) may continue membership or have membership restored, as applicable, in the same Federal Home Loan Bank during the period beginning on the date of enactment of this Act and ending on the day the Director issues the rules required under subsection (b), if— (1) the Federal Home Loan Bank determines, including based on information submitted by the captive insurance company, that— (A) the affiliate insured by the captive insurance company makes, owns, or acquires residential mortgage loans; and (B) the captive insurance company will comply with the membership eligibility requirements described in paragraphs (a), (b), and (c) of section 1263.6 of title 12, Code of Federal Regulations, during such period