ABIA members should be aware of four amendments that we know about so far:
- With respect to S. 534, ABIA opposes Senator Coburn's amendment which would allow states to opt out of NARAB and thus, undercuts the goal of uniform and national producer licensing.
- With respect to S. 1846, ABIA opposes the Senator Merkley's amendment on forced-placed insurance, which would extend the FHFA’s prohibition on commission and reinsurance revenue from GSE mortgages to all mortgages. This amendment would also prohibit insurers from providing free tracking and administration services to servicers.
- ABIA does support an amendment from Senators Lee and Hiller that would define private flood insurance in a manner consistent with the ABIA's goal of having the banking regulators accept private policies in place of NFIP policies.
- ABIA also supports the Senator Hagan's amendment that clarifies that only first liens must have escrow requirements associated with them.
If UC cannot be obtained (if a Senator objects to the UC request), then the Senate will vote on the cloture petition. It takes 60 votes to ‘invoke cloture’. If cloture is invoked, the Senate will move to debate and vote on the bill (as introduced) but will not consider any amendments. This is important as it means that the NARAB II bill will get an up or down vote without the offending Coburn provision but the flood reform bill will also get an up or down vote without the benefit of adding the Lee/Hiller and Hagan amendments, which we support.
ABIA members are invited to join us for a members-only review of these two issues today, Friday 1/24 at 11:00 AM, EST in the ABIA GR Working Group call. If you are an ABIA member, contact Renee Galbraith for your invitation and the call-in information.