H.R. 2890House115th Congress (2017-2019)In Committee

Housing Opportunity Mortgage Expansion Act

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Updated April 15, 2026 at 4:21 PM UTC

The Housing Opportunity Mortgage Expansion Act changes the Federal Home Loan Bank Act so that captive insurance companies that were already members before September 12, 2014 can keep their membership. To stay eligible, the captive must insure an affiliate that has a history of supporting residential mortgage activities. This amendment mainly affects those captive insurers and the Federal Home Loan Banks they belong to.

Key Provisions

Allows captive insurance companies admitted to Federal Home Loan Bank membership before September 12, 2014 to continue as members, provided the insured affiliate has a history and mission of supporting residential mortgage activities.
Grants these captives the same membership benefits they had before January 19, 2016 and exempts them from the regulatory rule in 12 CFR 1263.6(e)(1) that would otherwise apply.

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

June 13, 2017

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HouseIntro Referral

Introduced in House

June 13, 2017

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

June 13, 2017

Bill Text

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Introduced in HouseIssued June 13, 2017

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.

Short title

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

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.