WASHINGTON–Insurers would have to meet the same legal requirement as banks for investing in minority neighborhoods under legislation planned by two House lawmakers, it was learned.
The representatives–one black and the other Hispanic, who both hail from districts with a preponderance of minority residents–have alerted colleagues they intend to introduce legislation that would put Community Reinvestment Act mandates on insurance companies.
CRA requires the continual and affirmative responsibility of banks to meet the credit needs of low- and moderate-income neighborhoods where they operate.
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