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Markup Today Includes BSA, Flood Insurance Bills

The House Financial Services Committee today is scheduled to begin marking up ICBA-supported legislation on beneficial ownership and the National Flood Insurance Program.

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.

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