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News Now

Washington
NFIP now extended into 2011
WASHINGTON (10/4/10)—The National Flood Insurance Plan (NFIP) is now extended until Sept. 30, 2011 after President Barack Obama signed legislation into law on Friday. The NFIP lapsed for a period of time, beginning on June 1, but was restored in early July when H.R. 5569 was signed into law. Legislation that would reauthorize the NFIP program until Sept. 30, 2015, and improve the program by adding a Flood Insurance Advocate and raising the maximum coverage limits, passed the House in July. A Senate vote on that legislation has not been scheduled. The NFIP is important to credit unions because the mortgages they write for properties in a floodplain are required to have flood insurance.


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