1. Short title This Act may be cited as the Housing Opportunity Mortgage Expansion Act . 2. Membership eligibility of certain captive insurance companies (a) In general The Federal Home Loan Bank Act ( 12 U.S.C. 1422 et seq.) is amended— (1) in section 4 ( 12 U.S.C. 1424 ), by adding at the end the following: (d) Membership eligibility of certain captive insurance companies (1) Definitions In this subsection— (A) the terms affiliate , long-term , and residential mortgage loan have the meanings given those terms in section 1263.1 of title 12, Code of Federal Regulations, as in effect on the date of enactment of this subsection; and (B) the term covered captive insurance company means a captive insurance company— (i) the primary insurance business of which is, or was on January 19, 2016, the insurance of an affiliate; (ii) that was admitted to membership of a Federal Home Loan Bank before January 19, 2016; and (iii) that, due solely to the change in the treatment of captive insurance companies in the final rule of the Agency entitled Members of Federal Home Loan Banks (81 Fed. Reg. 3246 (January 20, 2016))— (I) was required to terminate membership in the Federal Home Loan Bank; or (II) will have membership in the Federal Home Loan Bank terminated. (2) Continuation or restoration of membership A covered captive insurance company may continue membership or have membership restored in the same Federal Home Loan Bank described in paragraph (1)(B)(ii) if— (A) the Federal Home Loan Bank determines, including based on information submitted by the covered captive insurance company, that— (i) the affiliate insured by the covered captive insurance company makes, owns, or acquires long-term residential mortgage loans; and (ii) the covered captive insurance company will comply with the membership eligibility requirements described in subsections (a), (b), and (c) of section 1263.6 of title 12, Code of Federal Regulations, upon restoring membership