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Friday, December 28, 2012

ABIA Urges House to Pass Flood Insurance Technical Corrections Bill

On December 27, ABIA sent a letter to House eadership urging them to pass S. 3677 before the end of the year. S. 3677 would add a simple correction to the Biggert-Waters Flood Reform Act enacted this year, adding the word "residential" to an important section of the underlying statute. If this change is not made, banks will be required to begin escrowing flood insurance premiums for commercial properties, as well as for residential properties.

Read ABIA's letter.