Reforming federal financial regulatory agencies and addressing the National Flood Insurance Program are the focus for two Senate working groups announced Tuesday by Senate Banking Committee Chairman Tim Scott, R-S.C. These groups will tackle issues that align with America’s Credit Unions’ legislative priorities. 

America’s Credit Unions have strongly supported efforts to pass long-term reauthorization of the National Flood Insurance Program (NFIP) while improving actuarial footing and stability of the program. The “Addressing America's National Flood Insurance Program” working group, led by Sens. John Kennedy, R-La., and Mike Rounds, R-S.D., is set to explore much-needed reforms that would foster adoption of a sustainable flood insurance market, ensure the long-term fiscal sustainability of the program, and align incentives to help families and communities prepare and recover from flooding.

Rounds said the group will focus on “the full work of actually reforming the program to provide long-term certainty to homeowners, financial institutions, insurers and other stakeholders.”

The “Reforming Federal Financial Regulatory Agencies” group, led by Sen. Thom Tillis, R-N.C., seeks to address regulatory transparency, efficacy, and reduce regulatory burdens. America’s Credit Unions strongly supports reducing regulatory overreach, enacting necessary reforms to the CFPB, and reducing overall regulatory burdens on credit unions.

Tillis said his group’s goal is to ensure that regulators operate with the same transparency, accountability, and fairness we demand from the institutions they oversee.