The House last night adopted, by a 281-146 vote, an ABA-supported amendment that would delay for one year some rate increases in the National Flood Insurance Program. Rep. Bill Cassidy (R-La.) offered the amendment during the chamber’s consideration of the Department of Homeland Security appropriations bill.
ABA and its American Bankers Insurance Association subsidiary expressed support for the provision in a letter to Cassidy and all House members earlier this week.
"While both ABA and ABIA remain committed to moving to actuarial rates for flood insurance coverage under the NFIP, we recognize that a greater transition period may be necessary in order to ensure continued affordability for thousands of middle and low income homeowners and small businesses," the groups wrote.
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