Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Flood insurance COBRA extensions lurch toward vote
WASHINGTON (4/14/10)--Following positive results in a Monday cloture vote, H.R. 4851, the Continuing Extension Act of 2010, needs only Senate approval to be sent to President Barack Obama for full approval. The legislation, if approved, would extend authorization for the National Flood Insurance Program (NFIP) and continue federal subsidies to COBRA health insurance recipients through April 30. Federal unemployment insurance would be extended until May 5. NFIP is important to cedit unions because the mortgages they write for properties in a floodplain are required to have flood insurance. Since flood insurance is unavailable in many parts of the country, the NFIP is an important resource to credit unions and other lenders. Congress did not take any action before its recently concluded spring recess began, and the NFIP and other programs lapsed on March 29. The NFIP cannot issue new flood insurance policies, increase coverage on existing policies, or issue renewal policies until the Congress restores NFIP authority. A full Senate vote on H.R. 4851 is expected to take place later this week. If amended by the Senate, the bill would return to the House for another vote.


RSS print
News Now LiveWire
.@TheNCUA :Low-income CUs can expand services to members, train staff,collaborate for efficiencies w/more than $1M in grants awarded 2day
4 hours ago
.@CUNA joins 11 other financial service orgs urging @SenateFloor to take up #CISA to strengthen cybersecurity information sharing
5 hours ago
.@RedwoodCU and its staff donated a combined $5,100 toward AIDS Walk San Francisco. The CU is a longtime sponsor of the event.
5 hours ago
See the latest from @CUNA's CompBlog on Customer Due Diligence. http://t.co/rzOzDUpNMT
6 hours ago
New #FinCEN proposal would strengthen, clarify due diligence obligations for financial institutions. http://t.co/2yxVUXCrYA
6 hours ago