Links in “Flood Insurance”
- Local Courts Turning to “Rocket Dockets” to Relieve Flood of Debt Collection Lawsuits
In an effort to deal with a flood of debt-collection lawsuits, some local courts are issuing summons to large groups of debtors to appear all at once, where they face attorneys representing debt collectors without a judge present. In an era when debt-collection practices are under increasing scrutiny, the "rocket docket" approach is a hotly debated topic. [2/12]
- Senate Passes Bill to Delay Flood Insurance Rate Hikes
Bill to delay for up to four years steep increases in flood insurance rates to give FEMA time develop a plan for property owners who can't afford higher premiums is approved in the Senate. Bankers urged to encourage House to take up the issue. [2/3]
- ABA Splits on Two Flood Insurance Amendments
In a letter to the Senate regarding the Homeowner Flood Insurance Affordability Act, the ABA lends its support to the Heller-Lee amendment, which would amend the definition of "private flood insurance" to restore discretion to help develop a functional private insurance market; the ABA opposes the Merkley amendment, which would subject force-placed flood insurance to federal requirements as well as state requirements. [1/30]
- Industry Coalition Calls for Flood Summit
Biggert-Waters uncertainty is stalling transactions nationwide; industry group calls for a National Flood Insurance Summit. [11/18]
- ABA Lends Support to Flood Insurance Affordability Bill
While ABA supported Biggert-Waters, in the wake of recent storms, including Katrina and Sandy, many homeowners have found their properties to be located in heightened high-risk flood zones due to remapping done by FEMA and are acing severe affordability issues if rate increases are to take effect as scheduled. The industry group lends its support to efforts to reform Biggert-Waters. [11/5]
- Bipartisan Coalition Reaches Deal to Push Back Flood Insurance Premium Hikes
The deal includes a delay of premium increases that were being phased in beginning Oct. 1 for about four years until FEMA conducts an affordability study and proposes an affordability framework to be approved by Congress. [10/31]
- Bill to Delay Flood Insurance Premium Hikes
Independent Community Bankers of America applaud new legislation designed to protect homeowners from significant flood insurance premiums that began being phased in on Oct. 1. [10/30]
- Agencies Publish Comment Period and Guidance on Recent Flood Proposal
In line with last week's statements, the Federal Register echoes elements of the establishing escrow requirements, acceptance of private flood insurance coverage, and the force-placement of flood insurance. [10/30]
- Proposed Flood Rules Would Force Banks to Accept Private Insurance
FRB, OCC and FDIC propose rules that would require banks to accept qualified private insurance on loans backed by properties in areas at risk for flooding. [10/15]
- Flood Proposal Wades In
Proposal focuses on Biggert-Waters provisions on mandatory purchase elements of flood insurance covering private flood insurance acceptance requirements, escrow payments and fees requirements, new sample forms and clauses and force-placed flood insurance coverage and charges. Mostly what we knew, but expect heavy coverage including our update to Biggert-Waters next week. [10/11]
