CSFI Stakeholders –

House Update

Today, the House Financial Services Committee passed two of the seven bills in the package of legislation to reauthorize the NFIP, HR 2868 by Rep. Zeldin and HR 2874 by Rep. Duffy. 

HR 2868, the NFIP Policyholder Protection Act (summary can be found here) passed on a vote of 53-0. 

HR 2874, the 21st Century Flood Reform Act, passed on a vote of 30-26.  Unfortunately, amendments to preserve grandfathering and the current rate structure as well as to strike the provision prohibiting coverage from being offered to new construction in the Special Flood Hazard Area and properties over $1M were not adopted.  Ranking Member Waters also offered an amendment in the nature of a substitute that would have mirrored the language currently being proposed by Sens. Kennedy, Menendez, Rubio, Warren, and others, (referenced below) but that was not adopted either. 

The Committee will come back into markup to complete consideration of the remaining bills next Wednesday, June 21, beginning at 10 am ET.

Senate Update

Today, a bipartisan group of Senators including Sens. Kennedy, Menendez, Rubio, Warren, Cochran, Van Hollen, and Booker introduced the SAFE-NFIP Act.  The bill includes several positive provisions, including preserving affordability through grandfathering and premium caps, and improving mapping and mitigation efforts. A full summary can be found here.  Also, as was mentioned  last week, Sens. Cassidy and Gillibrand introduced their NFIP reform legislation.  A full summary can be found here. 

Clearly there are a lot of moving pieces between the House and the Senate, with potentially another bill being introduced by the Chairman and Ranking Member of Senate Banking.  As things develop, I will keep you all posted.

Thanks –

Caitlin