February 24, 2014

NFIP, CFPB bills up Wednesday in House

Feb. 25, 2014 – NAFCU is urging House passage of two bills up for action this week to delay a flood insurance premium hike under a 2012 reform law and make structural changes to CFPB.

NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt wrote the full House Monday urging passage of H.R. 3370, the "Homeowner Flood Insurance Affordability Act."

The bill, sponsored by Rep. Michael Grimm, R-N.Y., and with 235 cosponsors, would amend the 2012 Biggert-Waters Flood Insurance Reform Act to delay National Flood Insurance Program premium hikes under remapping until a required feasibility study is completed.

Hunt pointed to the bill's broad bipartisan support and said the bill "will help bring a level of certainty to the program, its participants, and the larger housing market."

The House is also poised to vote on H.R. 3193, the "Consumer Financial Protection and Soundness Improvement Act." This bill would replace the CFPB director with a five-member board or commission; make it easier for the Financial Stability Oversight Council to veto CFPB rules; subject CFPB to appropriations; and require CFPB to get consumers' consent before collecting nonpublic personal information.

Hunt urged passage of the measure shortly before the recent congressional recess. H.R. 3193 is sponsored by Rep. Sean Duffy, R-Wis.