Section 1 Short title
This Act may be cited as the “Housing Opportunity Mortgage Expansion Act”.
Housing Opportunity Mortgage Expansion Act
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.
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.”