CSFI Legislative Update – June 9, 2017
I hope you are all doing well. Following this week’s hearing, flood insurance is beginning to pick up steam, and we expect the House Financial Services Committee to vote on the bills in committee next week, likely Wednesday. My testimony from this week’s hearing, which outlines both the positive aspects of the bill and concerns in more detail, can be found here.
While the bill does have some positive provisions, including increasing and modernizing Increased Cost of Compliance Coverage, strengthening the CRS program, and improving the mapping process, the bill includes some concerning provisions, particularly around affordability and sustainability, that could have the same consequences of the Biggert-Waters Act. These provisions include the removal of grandfathering and the prohibition on offering flood insurance to certain types of properties beginning 1/1/21, rate increases, and sanctions for communities with repetitive loss properties. A one pager highlighting top concerns can be found here. I know some of our other key stakeholder groups have additional concerns with the bill as well.
Please begin to reach out to your Members of Congress to express concerns with the bill. We need a wide range of Members from different areas of the country to understand the full range of impacts of this legislation.
Also, Senators Cassidy, Gillibrand, and Capito introduced their flood insurance reauthorization bill this week. The bill includes many positive proposals advocated for by CSFI. More information, including bill text and a summary, can be found here. We also expect additional flood insurance legislation to be introduced in the Senate soon.
As always, please let me know any questions.