Lawmaker Pushes For Acceptance Of Private Flood Coverage

Law360, New York (April 26, 2013, 5:44 PM EDT) -- The chairman of the U.S. House of Representatives insurance committee underscored to bank regulators on Wednesday that he wants fast implementation of a 2012 law requiring mortgage lenders to accept private flood insurance, calling the provision a top priority.

Rep. Randy Neugebauer, R-Texas, urged the Federal Deposit Insurance Corp., the board of governors for the Federal Reserve System, the Comptroller of the Currency and others to implement provisions of the Biggert-Waters Flood Insurance Reform Act well before the July 2014 target date and to provide regular...
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