Despite The House of Representatives passing legislation to extend federal funding yesterday, a government shutdown still isn’t completely off the table. It still needs to make it through The Senate and be signed by President Biden. We all know a potential shutdown has far-reaching effects, but one you may not be prepared for is the lapse of the National Flood Insurance Program (NFIP). Here’s what that means for your financial institution: Your institution’s ability […]
Category: Flood Insurance
News about the National Flood Insurance Program and the CFPB on HELOC
Before you head out of the office for the weekend, here are two quick newsworthy updates about the National Flood Insurance Program and the CFPB’s Home Equity Lines of Credit booklet. Status of the National Flood Insurance Program Jack Holzknecht blogged early on December 15th about the funding for the National Flood Insurance Program expiring at midnight December 16, 2022. On the evening of December 14, the House voted to continue funding for one week. […]
STATUS OF THE NATIONAL FLOOD INSURANCE PROGRAM
The current funding for the National Flood Insurance Program expires at midnight December 16, 2022. On the evening of December 14, the House voted to continue funding for one week. The Senate is expected to pass the bill today and send it to the President for signature. Then we will go through the same mess again next week. For one week loans may be closed with appropriate flood insurance in place. We suspect that next […]
National Flood Insurance Program Reauthorized
On September 30, 2022, the Senate Passed House Resolution 6833; which continues appropriations for the National Flood Insurance Program (NFIP) until December 16, 2022. The bill, the Continuing Appropriations and Ukraine Supplemental Appropriations Act, was sent to President Biden and was signed the same day. The NFIP was due to expire on September 30, 2022.
NEW INTERAGENCY QUESTIONS AND ANSWERS REGARDING FLOOD INSURANCE – FINALLY
On May 11, 2022, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (jointly, the agencies) issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. The Q&As: Replace those originally published by the agencies in 2009 and 2011 and consolidate Q&As proposed by the agencies […]