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Friday, November 21, 2014

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.



Thursday, November 20, 2014

ABIA Hosts Compliance Webinar and Discussion Group on Add-on Product Oversight

Yesterday, the American Bankers Insurance Association hosted a Compliance Webinar and Discussion Group on Add-on Product Oversight.  The webinar focused on the compliance obligations of add-on product providers and presented an overview of the CFPB Federal consumer financial laws and the CFPB’s expectations and enforcement activities in this area.   

Download the presentation.
 
Indicates ABIA members-only material. 

 

Wednesday, November 19, 2014

HFSC Hearing on Flood Insurance - Pass HR 4558

ABIA member WNC testified in favor of ABIA- and ABA-supported legislation at the House Financial Services Committee meeting this afternoon. HR 4558 would provide provide a path forward for private flood insurance policies.

Congress has made clear that private flood insurance should be an available alternative to the NFIP. Efforts to provide clarity, such as the passage of Section 100239 of the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012, have become hopelessly bogged down in implementation and have inadvertently acted to reduce private sector involvement rather than promote it.

In his testimony, Jordan Gray from WNC commented on the solution that this legislation would provide:
The solution is simple – give lenders and borrowers the same discretion to evaluate flood insurance as they have to evaluate all other insurance products. H.R. 4558 - The Flood Insurance Market Parity and Modernization Act of 2014 does this.
H.R. 4558, if enacted, would encourage the development of a competitive and sustainable private flood insurance market.

Tuesday, November 18, 2014

ABIA Submits Testimony for HFSC Hearing on Flood Insurance

The American Bankers Insurance Association and the American Bankers Association submitted testimony for the record in Wednesday’s hearing in the House Financial Services Committee’s Insurance Subcommittee on the private flood insurance bill sponsored by Reps. Dennis Ross (R-FL) and Patrick Murphy (D-FL). The bill would create a private flood insurance market by allowing borrowers to buy private flood policies that would satisfy the “Mandatory Purchase Requirements” of the Flood Disaster Protection Act of 1973.

The bill, HR 4558 , the Flood Insurance Market Parity and Modernization Act of 2014, will be debated, is strongly supported by ABA and ABIA members.

Read the full testimony.

For more information, contact ABIA's Kevin McKechnie.

Monday, November 17, 2014

Flood Insurance, Housing Oversight on Hill Agenda

With members racing to finish business before the end of the 113th Congress, this will be a busy week on Capitol Hill. Tomorrow, the House Financial Services Committee will hold a subcommittee hearing on the effects of international regulatory standards on U.S. insurers, and on Wednesday, the committee will address how to move toward a sustainable private market for flood insurance.

The Senate Banking Committee will hold an oversight hearing on Wednesday on the Federal Housing Finance Agency and a hearing on the phenomenon of “regulatory capture” on Friday. Meanwhile, the Senate Aging Committee will meet Wednesday to discuss private industry’s role in stemming phone scams that prey on seniors. On Friday, the Senate Committee on Homeland Security and Government Affairs will hold an investigative hearing on the involvement of large banks in physical commodities.

Please to go the House Financial Services Committee website for more information or to watch live.