Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Flood insurance extension proposed by Reps. Waters Frank
WASHINGTON (7/10/09)—Reps. Maxine Waters (D-Calif.) and Barney Frank (D-Mass.) introduced a bill Thursday that will extend authorization for the National Flood Insurance Program (NFIP) through March 31, 2010. Without legislative action, the program will expire at the end of September. In announcing their bill, the two House legislators said they intend also to draft reforms to the flood insurance program to incorporate studies and other information not available when the program was last reviewed by Congress. Waters is chairwoman of the House Financial Services subcommittee on housing and Frank is chairman of the parent committee. Frank and Waters also said they plan to engage the Obama administration and Federal Emergency Management Agency—or FEMA—officials in the reform process, as well as invite recommendations from all interested parties. Created in 1968, the NFIP provides over one trillion dollars of flood insurance to more than five and a half million American homes and businesses. In a release, Water said, “We saw the importance of this program following Hurricane Katrina and other storms that have devastated the Gulf Coast. Letting the program expire in the middle of hurricane season would have serious repercussions for areas prone to flooding. A six-month extension is prudent and necessary.”


RSS print
News Now LiveWire
Thanks for following our tweets on the NCUA's #listeningsession.
7 hours ago
RT @IllinoisLeague: Mike Daugherty, CEO, Community Plus FCU: I'd like to you to reconsider your repeated 'No's' #listeningsession #fixRBC h…
8 hours ago
CU says definition of complex CU needs to be reviewed, and not just based on asset size. NCUA: We are looking at that. #listeningsession
8 hours ago
NCUA says lots of resources go 2 examiner training,but there's much turnover.Invites ideas on how to improve exam training.#listeningsession
8 hours ago
CU tells NCUA that more benefit could be gained by better examiner training than imposing this "unnecessary" RBC system at #listeningsession
8 hours ago