Ellison Speaks Out against HR 5461 and on behalf of Independent Settlement Agents and Consumer’s

As the congress continues to lash out at the Dodd-Frank Bill and attempt to diminish its effectiveness, certain members of congress continue to wage the fight for preservation of the law, maintaining the integrity of the settlement process and protecting  the consumer. NAILTA is proud to be a supporter of Congressman Ellison and members of the Democratic Caucus who continue to speak out in defense of our industry. Keith Ellison General Leave on H. R. 5461 September 16, 2014 Mr. Ellison. Mr. Speaker, I oppose The Insurance Capital Standards Clarification Act of 2014 (H.R. 5461). While I support efforts to provide flexibility under the Dodd-Frank Act’s Collins amendment by explicitly stating that regulators are not required to apply minimum leverage capital and risk-based capital requirements to firms with state-regulated insurance operations, this bill does more than that. It contains The Mortgage Choice Act of 2013, (H.R. 3211). Mr. Ellison. Mr. Speaker, as I stated during the hearing and the mark up on The Mortgage Choice Act of 2013 (H. R. 3211), there are serious concerns about steering consumers into buying title insurance with hidden commissions and inflated costs. I bought two homes in my life. Like most homebuyers, I was asked to sign a bunch of papers with lots of fees such as origination charges, appraisal fees, scoring fees, recording charges, tax service fee and title insurance. Like most consumers, I chose my title insurance provider based on referral: I did not comparison shop. For most of us, title insurance is the most expensive of the closing cost fees – sometimes running in the thousands of dollars. These fees...

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 a means for allowing a depository institution (read: a bank) holding company to avoid the requirement of being regulated by federal banking authorities if they also file holding company registration statements as an insurer and maintain adequate levels of capital in accordance with state regulation for such insurers.  In other words, banks that want to acquire interests in insurance companies can do so in an attempt to avoid minimum capital requirements under the Federal Reserve rules created as a consequence of Dodd-Frank.   If anyone is afraid of banks in the business of title insurance, this is your day for action!   In a procedural move, the GOP proponents of H.R. 3211 have attached their bill to H.R. 5461 to push both through Congress in an attempt to present them as election theater for the upcoming November mid-terms.  A vote on the whole package of legislation will happen today.  We need you to help us stop this from happening!  We need all of you to take ten minutes of your time this morning to place a call to your Representative and to each Representative in your state delegation to tell them to vote “no” on H.R. 5461.   To find your representative in the House, please click here.   To find your representative in the Senate, please click here.       Most members of...