A panel of the Senate Appropriations Committee has voted to effectively stop the Federal Emergency Management Agency from implementing a provision of the 2012 law reauthorizing the National Flood Insurance Program that mandates phased-in rate increases for grandfathered properties.
The provision barring FEMA from implementing Sec. 207 of the 2012 Biggert-Waters Act was passed by the Senate Appropriations Subcommittee on Tuesday and will be considered by the full committee on Thursday.
The subcommittee is chaired by Sen. Mary Landrieu, D-Louisiana, who had pushed a stronger three-year delay. But she said she did not want to "risk losing an opportunity for a one-year" delay. She said a lot of senators from non-coastal states still support the legislation passed last year to make the flood insurance program more financially self-sustainable.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
