,,ii #aaeth ,,congress #b;d ,session ,s4 #bcfa ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #cj1 #bjah,ms4 ,duckworth 7for herself1 ,mr4 ,johnson1 and ,mr4 ,scott7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,federal ,home ,loan ,bank ,act to allow a captive insurance company that was a member of a ,federal ,home ,loan ,bank before ,january #ai1 #bjaf1 to continue or restore the membership of the captive insurance company in the ,federal ,home ,loan ,bank1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,housing ,opportunity ,mortgage ,expansion ,act4 #b4 ,membership eligibility of certain captive insurance companies 7a7 ,in general ,the ,federal ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adbb et seq47 is amended-- 7#a7 in section #d 7#ab ,u4,s4,c4 #adbd71 by adding at the end the following3 7d7 ,membership eligibility of certain captive insurance companies 7#a7 ,definitions ,in this subsection-- 7,a7 the terms affiliate1 long-term1 and residential mortgage loan have the meanings given those terms in section #abfc4a of title #ab1 ,code of ,federal ,regulations1 as in effect on the date of enactment of this subsection2 and 7,b7 the term covered captive insurance company means a captive insurance company-- 7i7 the primary insurance business of which is1 or was on ,january #ai1 #bjaf1 the insurance of an affiliate2 7ii7 that was admitted to membership of a ,federal ,home ,loan ,bank before ,january #ai1 #bjaf2 and 7iii7 that1 due solely to the change in the treatment of captive insurance companies in the final rule of the ,agency entitled ,members of ,federal ,home ,loan ,banks 7#ha ,fed4 ,reg4 #cbdf 7,january #bj1 #bjaf77-- 7,i7 was required to terminate membership in the ,federal ,home ,loan ,bank2 or 7,,ii7 will have membership in the ,federal ,home ,loan ,bank terminated4 7#b7 ,continuation or restoration of membership ,a covered captive insurance company may continue membership or have membership restored in the same ,federal ,home ,loan ,bank described in paragraph 7#a77;,b77ii7 if-- 7,a7 the ,federal ,home ,loan ,bank determines1 including based on information submitted by the covered captive insurance company1 that-- 7i7 the affiliate insured by the covered captive insurance company makes1 owns1 or acquires long-term residential mortgage loans2 and 7ii7 the covered captive insurance company will comply with the membership eligibility requirements described in subsections 7a71 7b71 and 7c7 of section #abfc4f of title #ab1 ,code of ,federal ,regulations1 upon restoring membership2 and 7,b7 the covered captive insurance company continues to be owned1 or upon restoration of membership is owned and continues to be owned1 including direct ownership by a controlling entity or indirect ownership through one or more holding companies1 by the same entity that owned the covered captive insurance company on the date of enactment of this subsection4 7#c7 ,benefits 7,a7 ,in general ,a covered captive insurance company for which membership in a ,federal ,home ,loan ,bank is continued or restored under paragraph 7#b7 shall have the same benefits of membership in the ,federal ,home ,loan ,bank as the covered captive insurance company had before ,january #ai1 #bjaf4 7,b7 ,application of regulation ,section #abfc4f7;e7 of title #ab1 ,code of ,federal ,regulations1 or any successor thereto1 shall not apply to a covered captive insurance company for which membership in a ,federal ,home ,loan ,bank is continued or restored under paragraph 7#b74 7,c7 ,captives treated as insurance companies ,except as otherwise specifically provided for in this ,act1 for purposes of this ,act and any regulations promulgated under this ,act1 a covered captive insurance company shall be treated as an insurance company4 7#d7 ,limitation on advances ,with respect to a covered captive insurance company for which membership in a ,federal ,home ,loan ,bank is continued or restored under paragraph 7#b7 and that is not an affiliate of a depository financial institution1 the ,federal ,home ,loan ,bank may not make any advances to the covered captive insurance company in an amount that1 in the aggregate1 is greater than #ej percent of the total assets of the covered captive insurance company unless the ,federal ,home ,loan ,bank has received from the affiliate of the covered captive insurance company or the controlling entity described in paragraph 7#b77;,b7 a guarantee of payment for any outstanding advances1 which shall be in addition to any collateral otherwise required to secure the advances4 2 and 7#b7 in section #f7;g7 7#ab ,u4,s4,c4 #adbf7;g77-- 7,a7 in paragraph 7#a71 by striking paragraph 7#b7 and inserting paragraphs 7#b7 and 7#c72 and 7,b7 by adding at the end the following3 7#c7 ,exception for certain captive insurance companies ,a covered captive insurance company 7as defined in section #d7;d77#a77 for which membership in a ,federal ,home ,loan ,bank is restored under section #d7;d77#b7-- 7,a7 shall not be subject to the #e-year period described in paragraph 7#a72 and 7,b7 may acquire shares of the ,federal ,home ,loan ,bank beginning after the membership is restored4 4