BSA, NFIP, Financial Literacy Bills Backed Prior to Mark-Up

CUNA wrote in support of four regulatory relief bills being marked up by the House Financial Services Committee this week. The bills cover Bank Secrecy Act, flood insurance and financial literacy act.

The committee started marking up the bills Tuesday, the markup is expected to continue at least into Wednesday.

The bills are:

  • The Corporate Transparency Act of 2019(H.R. 2513), which would address the redundancies, unnecessary burdens, and opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) statutory framework. CUNA notes that regulatory regimes like BSA should be a scalable framework to help smaller institutions;
  • The National Flood Insurance Program (NFIP) Administration Reform Act of 2019 (H.R. 3111), which would make administrative reforms to the NFIP;
  • The NFIP Reauthorization Act of 2019(H.R. 3167), which would extend NFIP through Sept. 30, 2024. While CUNA supports this bill and H.R. 3111, it also called for a long-term, sustainable solution to restore certainty to the market; and
  • The House Financial Literacy Act of 2019(H.R. 2162), which would require the Secretary of the Department of Housing and Urban Development to provide a 25-basis point discount in FHA insurance premiums for first-time homebuyers that complete a financial counseling course.