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 16, 2004 #04-30
E-mail: [email protected]

ACB APPLAUDS SENATE PASSAGE OF FLOOD INSURANCE BILL

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Statement by Diane Casey-Landry, president and CEO, America’s Community Bankers, on Senate passage of flood insurance legislation:

America’s Community Bankers applauds Senate passage of a multi-year reauthorization of the National Flood Insurance Program. ACB appreciates the tireless efforts of senators and their staffs to produce a bill that was adopted with overwhelming support.

ACB will now work to have the Senate bill adopted by the House so that the program will not expire on June 30. We are a proud member of the coalition working to prevent another disruption to mortgage markets.

The bill will help protect mortgage lenders from losses on loans outstanding on flood-prone properties. At ACB’s urging, the bill will require the notification of mortgage lenders when mitigation assistance is offered or refused, and intervention might still be possible. Lenders deserve assurances that any loan secured by a property targeted for demolition will be repaid with the proceeds of a buyout.

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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