Public Affairs Update

Public Affairs Update……………………………………………….…………….July 18, 2018

  • NAR joins group of America’s most influential trade associations in urging Congress to extend NFIP
  • Uncertainty Ahead for the CFPB
  • Supreme Court Rules for E-Fairness
  • In Case You Missed It

 

NAR joins group of America's most influential trade associations in urging Congress to extend NFIP

The National Association of Realtors joined 21 of America's largest and most influential trade associations in urging Congress to extend the National Flood Insurance Program.  NAR estimates that the failure to pass a reauthorization before the July 31 deadline could jeopardize the sale of up to 40,000 homes per month in the United States

 

Virtually every county in the United States has had at least one federal disaster declaration as the result of melting snow, severe weather and rising water.

 

The letter, which was supported by the National Association of Home Builders, the American Bankers Association and the U.S. Chamber of Commerce, among others, states that "A lapse of the NFIP, especially during the height of hurricane season, will leave millions of Americans at risk and result in severe disruption in the over 20,000 communities across the United States that depend on the NFIP... Americans deserve certainty and stability in the flood insurance marketplace to be able to protect their homes and loved ones."

 

For more information on the NFIP and for resources that can be shared in your community, please visit this link. [Source: NAR Update 07-13-2018]

 

Uncertainty Ahead for the CFPB

The U.S. District Court for the Southern District of New York has ruled that the Bureau of Consumer Financial Protection lacked the authority to bring an enforcement action against a New Jersey company “because its composition violates the Constitution’s separation of powers,” and as a result, terminated the Bureau as a party to the litigation. [Source: NASR Update 07-09-2018]

 

Supreme Court Rules for E-Fairness

The Supreme Court announced its holding in South Dakota v. Wayfair, Inc., a case on internet sales tax fairness, in favor of NAR's position that states should be able to require online sellers to collect/remit sales tax on purchases. [Source: NAR Update 07-09-2018]

 

In Case You Missed It