Federal financial institution regulators recently issued a joint final rule to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”) that require regulated financial institutions to accept private flood insurance policies. The regulators are the Farm Credit Administration, Federal Deposit Insurance Corporation, Federal Reserve Board, National Credit Union Administration, and Comptroller
Flood Insurance
National Flood Insurance Program Update
By Richard J. Andreano, Jr. on
Posted in Flood Insurance, Mortgages
As previously reported, in early December 2018 Congress passed another short-term extension of the National Flood Insurance Program that was scheduled to expire on December 21, 2018. On December 21, the US House of Representatives agreed to a bill adopted by the US Senate in November 2018 to extend the Program until May 31,…
Another Temporary Extension of the Flood Insurance Program
By Richard J. Andreano, Jr. on
Posted in Flood Insurance, Mortgages
As previously reported, the National Flood Insurance Program was scheduled to expire on November 30, 2018 and Congress extended the Program to December 7, 2018. The US House of Representatives and US Senate have once again voted to temporarily extend the Program, this time until December 21, 2018. Perhaps Congress is hoping that someone…
One Week Extension of Flood Insurance Program
By Richard J. Andreano, Jr. on
Posted in Flood Insurance, Mortgages
As previously reported, the National Flood Insurance Program was scheduled to expire on November 30, 2018. Once again, Congress has kicked the can down the road by authorizing a temporary extension of the Program, rather than adopting a long-term, sensible reform of the Program. This time the kick was short, as the extension is…
Trade Groups Urge Reauthorization of Flood Insurance Program
By Richard J. Andreano, Jr. on
Posted in Flood Insurance, Mortgages
With the November 30, 2018 expiration date for the National Flood Insurance Program (Program) looming, industry trade groups sent a letter to Congressional leaders urging Congress to extend the Program.
As we reported previously, the Program was set to expire on July 31, 2018 and Congress voted on that date to extend the Program…
Eleventh Hour Reauthorization of National Flood Insurance Program
By Richard J. Andreano, Jr. on
Posted in Flood Insurance, Mortgages
On July 31, 2018, the day that the National Flood Insurance Program was set to expire, the United States Senate voted 86 to 12 to reauthorize the program through November 30, 2018. The action follows an earlier reauthorization of the program through the same date by a 336 to 52 vote in the United…