ABA Supports Two Flood Insurance Bills

Ahead of a markup scheduled in the House Financial Services Committee tomorrow, the American Bankers Association in a memo to committee members offered support for two flood insurance bills scheduled for consideration. The NFIP Reauthorization Act of 2019—a compromise between Chairwoman Maxine Waters (D-Calif.) and Ranking Member Patrick McHenry (R-N.C.)—would reauthorize the National Flood Insurance Program through Sept. 30, 2024, and make additional reforms to the program.

In addition, ABA supported H.R. 3111, a bill introduced by Rep. Nydia Velasquez (D-N.Y.), that would make changes to the NFIP claims process. The bill would reinstate the prudential regulators’ Q&A on NFIP compliance and require regular updates to the guidance—a longstanding ABA priority. ABA noted that “this guidance is essential to ensuring that borrowers have the coverage necessary to protect their properties.”