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Tuesday, September 16, 2014

House to Vote on Insurance-Industry Change to Dodd-Frank

By ABIA Outside Counsel, Chrys D. Lemon, McIntyre & Lemon, PLLC

The House will vote to amend the Dodd-Frank Act to give the Federal Reserve more flexibility in regulating insurance companies.
House Republicans released a copy of a bill that would address the concerns of large insurance companies. “The Senate already passed a bill addressing the insurers’ concerns, but House Republicans wrapped in a number of other changes to the Dodd-Frank law, meaning Senate Democrats would have to agree to those as well for the bill to move forward this week.”
The additional changes, “sponsored by Rep. Andy Barr (R., Ky.), and Financial Services Committee Vice Chairman Gary Miller (R., Calif.), would allow higher charges for home buyers in some real-estate transactions, which consumer groups oppose, and would exempt some debt securities known as collateralized loan obligations from the Volcker rule’s limits on bank trading.”