Housing Opportunity Mortgage Expansion Act

Housing Opportunity Mortgage Expansion Act

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.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2890 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 2890

  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.


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                    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

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                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Housing Opportunity Mortgage 
Expansion Act''.

SEC. 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.''.
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