United States · Amendment · HAMDT

HAMDT 621 (105th)

An amendment to adjust the insurance title under the bill by placing a three year sunset on the requirement that a bank must buy an existing insurance agency that is at least two years old. The amendment adds a provision which allows a state insurance commissioner to exempt a bank from the requirement to acquire an existing insurance agency. The amendment also requires a study three years after enactment of the bill by the National Association of Insurance Commissioners and the Office of the Comptroller of the Currency on the effectiveness of the Illinois law as a safe harbor. The amendment also prohibits the sale of a unitary thrift to an unregulated nonfinancial company. Finally, the amendment eliminates Community Reinvestment Act requirements for FDIC-insured depository institutions with assets of less than $100 million.