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News Now

Washington
Despite House approval NFIP some SBA programs to lapse
WASHINGTON (6/1/10)--Although the House on Friday approved legislation that would extend the National Flood Insurance Program (NFIP) and some fee eliminations and increased guarantees for Small Business Administration (SBA) 7(a) and 504 loans, both of those programs will still lapse for a minimum of a week. The legislation, known as the "American Jobs and Closing Tax Loopholes Act of 2010,” still requires Senate approval, and that body of Congress will not return to Washington until June 7. Both the NFIP and SBA programs that are addressed in this legislation expired on Monday. The extender legislation, once approved, would extend these programs until Dec. 31. The NFIP is important to credit unions because the mortgages they write for properties in a floodplain are required to have flood insurance. Since flood insurance is unavailable in many parts of the country, the NFIP is an important resource to credit unions and other lenders.


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