ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release June 21, 2004 #04-31
E-mail: [email protected]

ACB HAILS PASSAGE OF FLOOD INSURANCE REFORM LEGISLATION

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Statement by Robert R. Davis, executive vice president and managing director of government relations, America’s Community Bankers, on final passage today of flood insurance reform legislation:

America’s Community Bankers applauds Congress for passing the Bunning-Bereuter-Blumenauer Flood Insurance Reform Act. Reauthorization of the National Flood Insurance Program is important to hundreds of thousands of homeowners and to every mortgage lender whose lending territory includes properties in areas of high flood risk.

The measure going to President Bush for his signature will ensure that this important program will not lapse after June 30, but will remain in force for the next five years. Multi-year reauthorization of the program was a priority of America’s Community Bankers.

ACB was also successful in getting a provision included that will protect lenders by requiring notification when mitigation assistance is offered or refused. Lenders need assurances that they will be repaid with the proceeds of a buyout, or when borrowers refuse mitigation support that would change eligibility for flood coverage.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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