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FLOOD INSURANCE CONTINUATION – DOWN TO THE WIRE

On September 26, 2019 H.R 4378 provided continuation of funding for the National Flood Insurance Program (NFIP) through November 21, 2019. Now H.R. 3055, which among others items provides continuation of funding for NFIP, has passed in both the House and Senate. The House and Senate versions differed slightly and the differences are being resolved. Next the bill moves on for Presidential signature. The day is not over so Congress and the President have hours […]

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FLOOD INSURANCE FUNDING CONTINUED

On September 26, 2019 H.R 4378 was passed in the Senate. The continuing resolution provides appropriations to federal agencies, including the National Flood insurance Program, through November 21, 2019. The action prevents a government shutdown that would otherwise occur when Fiscal Year 2020 begins on October 1, 2019. The resolution is awaiting the signature of the president. […]

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WILL FLOOD INSURANCE EXPIRE ON SEPTEMBER 30TH?

Congress is debating whether to extend the National Flood Insurance Program, which expires on September 30. Since 2017 Congress has often waited (12 times) until the last minute to reauthorized the program before its expiration and passed only short-term extensions. Last week, the U.S. House of Representatives passed H.R. 4378 to keep the federal government funded through November 21 and included an extension for the NFIP through the same date. The resolution is on the Senate […]

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BOARD CONSIDERATION OF MUTUAL AID SOCIETY PLANS

The February 2019 revision to the flood insurance regulations provides a definition of a “mutual aid society” and describes the conditions under which a regulated lending institution may accept a flood protection plan issued by a mutual aid society. Within the Board’s Regulation H, 12 CFR 208.25(c)(3)(iv) enumerates those conditions. The first of the conditions for acceptability of a mutual aid plan requires that “the Board has determined that such plans qualify as flood insurance […]

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