House Bill Might Impose CRA Mandates


Rep. John J. LaFalce, D-N.Y., the ranking Democrat on the House Financial Services Committee, is expected to introduce an optional federal chartering bill that could impose community reinvestment requirements on U.S.-chartered insurers.

The bill, which is tentatively entitled the “Insurance Industry Modernization Act,” appears to closely resemble a similar proposal that was introduced in the Senate by Sen. Charles Schumer, D-N.Y.

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