The House Financial Services Committee began consideration of ICBA-supported legislation on beneficial ownership and the National Flood Insurance Program. The committee markup is scheduled to resume at 10 a.m. (Eastern time) today.
Rep. Carolyn Maloney’s (D-N.Y.) Corporate Transparency Act (H.R. 2513) would require certain small businesses to disclose their “beneficial owners” to the Financial Crimes Enforcement Network when they are formed, relieving community banks of the burden of collecting this information from their customers.
The National Flood Insurance Program Reauthorization Act of 2019 (H.R. 3167), introduced by Chairwoman Maxine Waters (D-Calif.), is a bipartisan compromise that would reauthorize the NFIP through Sept. 30, 2024, and reform program affordability, mapping, and mitigation.