The National Association of Mutual Insurance Companies (NAMIC) says it will voice its opposition at a hearing today of the House Financial Services Committee that is meeting to discuss legislation that would apply provisions of the Community Reinvestment Act to insurance companies.
The Committee will meet today to examine H.R. 1479, the Community Reinvestment Modernization Act of 2009, introduced by Rep. Eddie Bernice Johnson, D-Texas. H.R. 1479 would subject non-bank affiliates of bank holding companies to CRA requirements if they engage in lending or offer banking product services.
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