The Insurance Capital Standards Clarification Act of 2014 (H.R. 5461).

According to our sources on Capitol Hill in Washington, D.C., proponents of the so-called Mortgage Choice Act (H.R. 3211) have attached their bill to a new piece of federal legislation heading to a roll-call vote today.  The new bill is The Insurance Capital Standards Clarification Act of 2014″ (H.R. 5461).  H.R. 5461 is designed as…

What is H.R. 4383? What Does it Do For You?

The title insurance industry is finally mobilizing itself to take positions on bills currently pending in Washington, DC.  With all the chatter recently making its way through the wires, we thought it was important to let you know how independent real estate settlement service providers and those who follow policy with NAILTA viewed the recent movements.

What is Going On?

The House Financial Services Committee (HFSC) recently convened a hearing concerning eleven (11) separate legislative bills that are each directed at the Dodd-Frank Act, and specifically the Consumer Financial Protection Bureau (CFPB).  This is not the first effort for the HFSC on Dodd-Frank.  Since 2011, there have been over fifty (50) such bills designed to alter, restrict or outright repeal Dodd-Frank and the CFPB.

HR 3211 – The bull-rush is on

Last week, the House Financial Services Committee (HFSC), in a surprise move, convened a full committee hearing on 15 pending bills including HR 3211 and “voice-voted” HR 3211 onto the House floor for further consideration.

The Chairman of the HFSC, Rep. Jeb Hensarling (R-TX), ordered the voice vote on HR 3211 instead of a roll call vote, or the typical voting pattern for committee legislation because he suspected that several Republican members on the committee would vote “no” and thereby jeopardize the chances HR 3211 can move successfully in the House and the Senate.  The voice-vote was called with barely twenty members present.  It was a procedural passage of the bill.

NAILTA Supports: The 21st Century Glass-Steagall Act: H.R. 3711 and S. 1282:

Congress has introduced two pieces of bipartisan legislation known as the 21st Century Glass-Steagall Act – H.R. 3711 (co-sponsored by Rep. John Tierney (D-MA) and Walter Jones (R-NC)) and S. 1282 (co-sponsored by Sen. Elizabeth Warren (D-MA) and John McCain (R-AZ)) in an effort to reduce risks to the financial system by limiting banks’ ability to engage in certain risky activities and limiting conflicts of interest as well as reinstating certain Glass-Steagall Act protections that were previously repealed in 1999 by the Gramm-Leach-Bliley Act (GLB).

Both bills would act to prohibit banks from becoming an affiliate of an insurance company, including a title insurance company.