As we previously reported, there were four key amendments to the bill that would impact the bank-insurance industry:
- Hagan amendment: Passed. This amendment limits the duty to establish escrow accounts to first liens. It received overwhelming response and was therefore adopted and made part of the base text.
- Heller/Lee amendment: Defeated. This amendment clarified that any private flood insurance policy accepted by a State shall satisfy the mandatory purchase requirement. It was narrowly defeated by a vote of 49 to 50.
- Merkley amendment: Withdrawn prior to vote. This amendment would have prohibit mortgage servicers from receiving compensation for the force-placement of flood policies and prohibit the free sharing of tracking and administration information between an insurer and a servicer.
- Coburn amendment: Defeated. This amendment would have provided states an opportunity to opt-out of the National Association of Registered Agents and Brokers (NARAB) provisions. ABIA opposed this measure since having all the states included is the purpose of the bill.