House, Senate to work out flood insurance, SBA extensions

WASHINGTON (3/18/10)--The House on Wednesday approved H.R. 4851, the Continuing Extension Act of 2010, which would extend authorization for the National Flood Insurance Program (NFIP) and federal unemployment insurance and continue federal subsidies to COBRA health insurance recipients through April 30, via voice vote.

The legislation, which was introduced by Sen. Sander Levin (D-Mich.) on Tuesday, will now move on to the Senate. If the legislation is not signed into law, the NFIP and COBRA will both expire at the end of this month. Legislators earlier this year agreed to temporarily extend these and other benefits through the end of March, after significant legislative wrangling.

H.R. 4213, which would extend the NFIP, COBRA, some Stimulus Act small business loan guarantee programs, federal unemployment insurance, and other select federal programs, passed the Senate 62 to 38 last week and should be discussed in a congressional conference in the near future. However, the Credit Union National Association (CUNA) does not expect this conference to begin before the upcoming April recess.

CUNA is working to include language that would increase the cap on credit union member business loans to 25% in an upcoming jobs bill. This legislation would result in $10 billion in new funding for small businesses and create over 100,000 new jobs at no cost to taxpayers, CUNA has estimated.

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