Sec. 508. Enforcement of mandatory purchase requirements

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Paragraph

(5)of section 102(f) of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a(f)(5) ) is amended by striking $2,000 and inserting $5,000 . Subparagraph

(A)of section 10(i)(2) of the Federal Deposit Insurance Act ( 12 U.S.C. 1820(i)(2)(A) ) is amended by striking date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994 and biennially thereafter for the next 4 years and inserting date of enactment of the . 21st Century Flood Reform Act and biennially thereafter Subparagraph

(A)of section 204(e)(2) of the Federal Credit Union Act ( 12 U.S.C. 1784(e)(2)(A) ) is amended by striking date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994 and biennially thereafter for the next 4 years and inserting date of enactment of the . 21st Century Flood Reform Act and annually thereafter Paragraph

(4)of section 1319B(a) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4521(a)(4) ) is amended, in the matter after and below subparagraph (B), by striking first, third, and fifth annual reports under this subsection required to be submitted after the expiration of the 1-year period beginning on the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994 and inserting first annual report under this subsection required to be submitted after the expiration of the 1-year period beginning on the date of enactment of the . 21st Century Flood Reform Act and every such second annual report thereafter The Comptroller General of the United States shall conduct a study of the implementation and efficacy of the requirements of section 102 of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a ). Such study shall at minimum consider the following questions: How effectively do Federal agencies, regulated lending institutions, and Federal entities for lending regulation implement the requirements of section 102 of the Flood Disaster Protection Act of 1973? Does the current implementation of Flood Disaster Protection Act of 1973 align with the congressional findings and purposes described in section 2(b) of such Act ( 42 U.S.C. 4002 )? What, if any, unintended consequences have resulted from the requirements and implementation of section 102 of such Act? Not later than the expiration of the 18-month period beginning on the date of the enactment of this Act, the Comptroller General shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate regarding the findings and conclusions of the study conducted pursuant to this paragraph. The Federal entities for lending regulation (as such term is defined in section 3(a) of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4003(a) )), in consultation with the Administrator of the Federal Emergency Management Agency, shall jointly update and reissue the rescinded document of the Administrator entitled Mandatory Purchase of Flood Insurance Guidelines (lasted updated on October 29, 2014). The updated document shall incorporate recommendations made by the Comptroller General pursuant to paragraph

(1)of this subsection.

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Sec. 508

Enforcement of mandatory purchase requirements

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