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News Now

Washington
Flood insurance examined today by Senate Banking
WASHINGTON (6/9/11)—National Flood Insurance Plan (NFIP) reauthorization will be discussed by the Senate Banking Committee at 10 A.M. ET today. Federal Emergency Management Agency Administrator William Craig Fugate was the sole witness at press time, but the committee said that additional witnesses may still be added. A separate NFIP reauthorization package passed out of the House Financial Services Committee last month. That piece of legislation would reauthorize the NFIP for a further five years. It would also preserve the rights of credit unions to protect their collateral from flood hazards and would clarify that flood insurance purchased by credit unions "would date back to the date the existing policy lapsed or became insufficient in coverage amount, including any premiums or fees incurred during the 45-day notification period." CUNA has backed these planned changes to the NFIP. The Senate committee will likely develop its own legislation, and eventually merge its bill with the House legislation. The NFIP is currently set to expire on Sept. 30.


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