Amendment105th Congress
Amendment sought to exempt community banks under $100 million in asset size from compliance with the Community Reinvestment Act; amend the insurance provisions of the bill to allow enhanced flexibility for the marketing of insurance products; provide for an operating subsidiary structure which does not allow for merchant banking, underwriting of insurance, or direct investment in real estate; and provide for a prohibition on the sale of unitary thrifts to commercial enterprises.
- Amendment Number
- 621
- Description
- Amendment sought to exempt community banks under $100 million in asset size from compliance with the Community Reinvestment Act; amend the insurance provisions of the bill to allow enhanced flexibility for the marketing of insurance products; provide for an operating subsidiary structure which does not allow for merchant banking, underwriting of insurance, or direct investment in real estate; and provide for a prohibition on the sale of unitary thrifts to commercial enterprises.
- Purpose
- An amendment to adjust the insurance title under the bill by placing a three year sunset on the requirement that a bank must buy an existing insurance agency that is at least two years old. The amendment adds a provision which allows a state insurance commissioner to exempt a bank from the requirement to acquire an existing insurance agency. The amendment also requires a study three years after enactment of the bill by the National Association of Insurance Commissioners and the Office of the Comptroller of the Currency on the effectiveness of the Illinois law as a safe harbor. The amendment also prohibits the sale of a unitary thrift to an unregulated nonfinancial company. Finally, the amendment eliminates Community Reinvestment Act requirements for FDIC-insured depository institutions with assets of less than $100 million.
- Congress
- 105
- Type
- HAMDT
- Latest Action Date
- May 13, 1998
- Latest Action Text
- On agreeing to the Baker amendment (A003) Failed by recorded vote: 140 - 281, 1 Present (Roll No. 145).
- Latest Action Time
- 17:37:29
- Submitted Date
- May 13, 1998
- Chamber
- House of Representatives
- Update Date
- Aug 15, 2021