WASHINGTON (3/14/14)--The Homeowner Flood Insurance Affordability Act (H.R. 3370) can now move on to President Barack Obama's desk to be signed into law after the Senate approved the bill on Thursday.
The Senate approved the bill on a 72-22 vote. The bill passed the House earlier this month by a 306-91 vote.
The bill, in part, would delay planned increases in National Flood Insurance Program (NFIP) premiums until the Federal Emergency Management Agency puts in place a plan to ensure they are implemented affordably.
A range of other NFIP fixes has been discussed in recent months. The National Credit Union Administration joined the Federal Reserve, the Farm Credit Administration, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency to ask whether federal financial regulatory agencies should adopt additional regulations on the acceptance of flood insurance policies issued by private insurers.
The joint agency proposal would: