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 […]
Tag: NFIP
NFIP to Expire Sept. 30th – Is Your FI Prepared?
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 […]