Legislation that would delay flood insurance premium hikes passed the Senate Thursday. That bill, H.R. 3370, passed the House March 4 and now heads to the White House for President Obama's signature.

The bill would amend the 2012 Biggert-Waters Flood Insurance Reform Act by reinstating the grandfathering of premiums to prevent catastrophic rate increases due to Federal Emergency Management Agency remapping. The rate increases would have put a significant burden on the more than 5.6 million homeowners who are National Flood Insurance Program subscribers.

 “NAFCU applauds Senate leaders for taking up this bipartisan issue to reinstate grandfathered rates and remove the home sale rate increase trigger,” said Vice President of Legislative Affairs Brad Thaler in a release. “We look forward to seeing this bill signed by the president.”

CUNA CEO Bill Cheney also released a statement thanking Senate leaders for their action on the bill.