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 Congress do not provide their staff email. Thus, it is preferred that you place a call. You can always obtain email information once you place the telephone call.
If you would like to fax a letter to your Representative, please click on this letter we have provided for your use.