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Monday, November 23, 2015

Rep. Donovan and Rep. Rice Sponsor Bipartisan Flood Insurance Bill

On Friday, Representative Daniel Donovan (R-NY) and Representative Kathleen Rice (D-NY), sponsored the Flood Insurance Transparency and Accountability Act of 2015.  This bipartisan bill seeks to eliminate fraud from the FEMA flood insurance program, make the appeals procedure fairer for natural disaster victims, and facilitate the entire process.

In September, Rep. Donovan sponsored the Flood Insurance Mitigation and Policyholder Protection Act, which was also sponsored by Rice, along with other congress members from both parties.  The newest bill seeks to eliminate fraud stemming from altered engineers' reports by giving the insurance policy holder the first copy of the report and the final engineering reports.  It also ensures that claims would not be denied using the "earth movement" exclusion when earth movement is caused by a flooding event.

Read more about the Flood Insurance Transparency and Accountability Act of 2015.

The American Bankers Insurance Association (ABIA) hosts a monthly Flood Insurance Working Group.  If you would like to know more about the ABIA's work with flood insurance reform, or would like to join our task force, please contact Sarah Ferman.

CFPB Updates Rulemaking Agenda for 2015-16

The Consumer Financial Protection Bureau on Friday updated its rulemaking agenda for the remainder of 2015 and into 2016. According to the agenda, the bureau expects to issue final rules on consumer protections for prepaid cards in the spring of 2016 and on mortgage servicing by mid-2016. The agenda also indicates that a proposed rule to address lending and collection practices for payday, auto title and similar lending products could come in the first quarter of 2016.

The CFPB also said it is continuing with its early-stage rulemaking on arbitration and conducting further research on overdrafts, debt collection and lending to small and women- and minority-owned businesses.

View the agenda.

Friday, November 20, 2015

This Week at the CFPB

A summary of this week's news about the CFPB from the ABIA and ABA Dodd-Frank Tracker:
The ABIA has a Task Force of members that work on issues related to the CFPB's regulation of insurance products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.

ABA, Farming Groups Urge Senate to Restore Crop Insurance

Yesterday, the ABA and several farming industry groups urged the Senate to repeal a provision in the recent budget bill that would hinder the private-sector delivery of crop insurance.  The provision included in the budget deal would cut the private sector delivery of crop insurance causing increased industry consolidation, reduced choice in insurance providers and a decline in the availability of service and policies.

Read the letter.

Thursday, November 19, 2015

ABIA Hosts Compliance Webinar on Telemarketing Compliance Basics

Yesterday, the American Bankers Insurance Association (ABIA) hosted a Compliance Webinar on Telemarketing Basic Compliance.  Chrys Lemon and Michael Aphibal, McIntyre & Lemon, PLLC discussed how federal regulators expect banks and insurance agencies to adhere to certain rules when telemarketing.  This webinar provided an overview of the FTC and FCC rules governing telemarketing, including the Telemarketing Sales Rule, the Do-Not-Call registry, the application of an existing business relationship exception to affiliates, and the effects of the FCC's July 2015 Interpretive Ruling on telemarketing. The webinar also briefly explored the CFPB's actions on telemarketing and how it has focused on practices that could be unfair, deceptive, or abusive.
Download the recording. 

Interested in participating in an ABIA Compliance Webinar? Please visit our webpage to view the topics and register for our upcoming webinars.