What is the Florida Association of Mitigation Bankers?
The Florida Association of Mitigation Bankers (FAMB) is an industry association representing entities that own and operate mitigation and conservation banks and businesses that provide goods and services to the industry. The FAMB fosters and promotes the mitigation banking industry. Mitigation banks are heavily regulated by both Florida and Federal agencies. There are over 60 approved wetland mitigation banks in Florida. Our Members provide employment, purchase goods and services and promote preservation and restoration of large tracts of environmentally sensitive land.
What are wetland mitigation banks?
Wetland mitigation banks are large tracts of environmentally enhanced, restored and preserved lands that provide ecological benefits to offset wetland losses resulting from development or land use activities. An approved mitigation bank in Florida is rigorously reviewed and ultimately authorized by both the State of Florida and the US Army Corps of Engineers. A mitigation banker voluntarily agrees to permanently preserve and physically restore environmental lands to generate new ecological functions and in return has the opportunity to earn wetland credits. These earned wetland credits are used to mitigate for ecological functions lost when wetlands are impacted by public or private projects.
What are habitat conservation banks?
Conservation banks are large tracts of environmentally enhanced and preserved lands that provide ecological benefits to offset habitat losses to Threatened and Endangered species resulting from development or land use activities. A conservation banker voluntarily agrees to preserve, protect and environmentally enhance lands to generate new ecological functions to mitigate for the ecological functions lost when habitat of threatened and endangered species are impacted.
Mitigation Banking has been recognized by the National Academy of Sciences, the Society for Wetland Scientists and other groups as the highest and best method to replace unavoidable wetland impacts. Mitigation Banks are held to the highest standards and it is the position of FAMB to continue with high standards for banking. In addition, we support increasing standards for other forms of third party or permittee-responsible mitigation in order to ensure the best long-term ecological outcomes in Florida and create an equitable playing field for the industry and its members.
We monitor and support policies and legislation that further this position and protect against policies and legislation that do not.