FOR IMMEDIATE RELEASE
ICBA Applauds President’s Signing of Act to Help Mitigate Drastic Flood Insurance Rate Hikes
Washington, D.C. (March 21, 2014)—The Independent Community Bankers of America® (ICBA) said it strongly supports President Barack Obama’s signing into law ICBA-advocated, bipartisan legislation to protect homeowners from significant increases in flood insurance premiums.
“ICBA is glad President Obama quickly signed into law this much-needed flood insurance legislation, which will help ensure that sharp rate hikes will not make flood insurance unaffordable for many policyholders who built to code and followed the law every step of the way,” said ICBA Chairman John H. Buhrmaster, president of 1st National Bank of Scotia, N.Y.
The Homeowner Flood Insurance Affordability Act will help prevent sharp flood insurance rate hikes while maintaining the goal of actuarial soundness of the National Flood Insurance Program. Nevertheless, ICBA remains concerned with the impact of higher premiums on commercial properties, which will continue to face rate hikes under the Biggert-Waters Flood Insurance Reform Act of 2012.
“Fortunately, ICBA’s efforts and the voices of the nation’s community bankers were heard in Washington,” ICBA President and CEO Camden R. Fine said. “ICBA thanks policymakers for their bipartisan fix to mitigate devastating rate increases that would have further harmed our still-recovering housing market.”
ICBA worked closely with the House and Senate to advance this needed legislation to help buffer the dramatic rate increases that began being phased in on Oct. 1, while community bankers worked with a nationwide coalition to advocate a comprehensive fix to the unintended consequences of the Biggert-Waters Act. ICBA supports a fully authorized, sustainable and fiscally responsible National Flood Insurance Program.
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.