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The Government shutdown has a far-reaching effect, one of those being the National Flood Insurance Program (NFIP) has been allowed to lapse. What does that mean to your financial institution? Your institution’s ability to close loans requiring Flood Insurance will be impacted. The authority to provide new flood insurance contracts expired. Flood insurance contracts entered into before the expiration will only continue until the end of their policy term of one year. The authority for […]

Edit: On September 26, 2024 the President signed legislation passed by Congress that extends the National Flood Insurance Program’s (NFIP’s) authorization to Dec. 20, 2024. ________ The National Flood Insurance Program (NFIP) is set to expire September 30th, 2024, unless congress votes to extend it. Is your institution prepared to handle a Flood Insurance Lapse? Here’s what that means for your financial institution:   Your institution’s ability to close loans requiring Flood Insurance will be […]

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. […]

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 […]

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.