Housing Opportunity Mortgage Expansion Act

Bill: 115-hr-2890
Sponsor: full_name: Rep. Hultgren, Randy [R-IL-14]
Introduced: 2017-06-13
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Housing finance and home ownership

Insurance industry and regulation
Latest action: action_date: 2017-06-13
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2017-06-13
action_desc: Introduced in House
text: <p><b>Housing Opportunity Mortgage Expansion Act</b></p> <p>This bill amends the Federal Home Loan Bank Act to continue Federal Home Loan Bank (FHLB) membership for captive insurance companies that became members prior to publication of the proposed (now final) Federal Housing Finance Agency rule ending their FHLB membership. (A captive insurance company underwrites insurance for its parent company and does not provide insurance to the public.) The parent company must support residential mortgage activities.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 2890 IN THE HOUSE OF REPRESENTATIVES June 13, 2017 Mr. Hultgren (for himself and Ms. Moore ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Home Loan Bank Act to permit captive insurance companies that were members of a Federal Home Loan Bank prior to September 12, 2014, to continue to be eligible to be members of such a Bank, and for other purposes.

1. Short title This Act may be cited as the Housing Opportunity Mortgage Expansion Act . 2. Membership eligibility of certain captive insurance companies Section 4 of the Federal Home Loan Bank Act ( 12 U.S.C. 1424 ) is amended by adding at the end the following: (d) Membership eligibility of certain captive insurance companies (1) In general A captive insurance company that was admitted to Federal Home Loan Bank membership prior to September 12, 2014, may continue its membership in its Federal Home Loan Bank, to the same extent as any other insurance company, if its Federal Home Loan Bank determines, including based on information submitted by such company, that the affiliate company it insures has a history and mission of supporting residential mortgage activities. (2) Benefits Captive insurance companies described under paragraph (1) shall have the same benefits of membership in their Federal Home Loan Bank as they had prior to January 19, 2016, and section 1263.6(e)(1) of title 12, Code of Federal Regulations, as added by the final rule titled Members of Federal Home Loan Banks (81 Fed. Reg. 3245; Jan. 20, 2016), shall not apply to such companies. .