Newsroom

Picking up where it left off last week, the House Financial Services Committee will resume mark-up of flood insurance legislation at 10 a.m. today.

Last week, the committee signed off on a bill by Rep. Sean Duffy, R-Wis., which would reform the National Flood Insurance Program (NFIP) and move towards a more private approach to flood insurance.

Duffy's measure would phase out government-backed coverage for new construction in high-risk areas and cap compensation for insurance firms participating in the NFIP's "Write Your Own" program.

This morning, the committee is expected to take up five other flood insurance proposals.

NAFCU has pushed for a number of improvements to the NFIP, including increases in coverage limits, and capping premiums and rates.

In aletterto the committee last week, NAFCU supported long-term authorization for the program but said it was concerned about proposals that would drastically increase NFIP privatization efforts.

Elsewhere on the Hill today, the Senate Homeland Security and Governmental Affairs Committee holds a hearing at 10:30 a.m. on "Cybersecurity Regulation Harmonization."

Witnesses will include Christopher F. Feeney, president of the BITS/Financial Services Roundtable; Dean C. Garfield, president and CEO of the information Technology Industry Council; Daniel Nutkis, founder and CEO of the Health Information Trust Alliance; and James "Bo" Reese, chief information officer for the state of Oklahoma.