Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
House Fin. Services approves trio of bills
WASHINGTON (4/29/10)--The House Financial Services Committee on Tuesday approved a series of legislative proposals that address insurance for floods, other catastrophes, and mortgages. Under legislation introduced by Rep. Maxine Waters (D-Calif.) and approved by the committee, the National Flood Insurance Program (NFIP) will now be extended for a further five years. The NFIP has been recently reliant on temporary month-to-month extensions and will expire on May 31 without congressional action. The NFIP, which, according to a finance committee statement, provides “reliable, affordable flood insurance coverage for millions of American homes and businesses,” is important to credit unions because the mortgages they write for properties in a floodplain are required to have flood insurance. Waters also drafted H.R. 5072, the FHA Reform Act of 2010, which “will empower FHA to improve its financial position by allowing the agency to adjust its premium structure for new borrowers, while still providing affordable mortgage insurance to the individuals FHA is intended to serve including low-income and minority borrowers and individuals in traditionally underserved areas.” According to a Finance Services Committee press release, H.R. 5072 “also provides FHA with enhanced authority to terminate lenders’ approval to originate or underwrite loans backed by FHA insurance when FHA finds evidence of fraud or noncompliance” and strengthens the FHA’s own internal reporting systems. The committee also approved H.R. 2555, the Homeowners' Defense Act, on a 39 to 26 vote. The legislation, which was introduced by Rep. Ron Klein (D-Fla.) and currently has 74 House co-sponsors, would create a national catastrophe insurance pool that would be made available to disaster-prone states nationwide. All three bills will now move on to the full House for consideration.


RSS





print
News Now LiveWire
About 1 in 5 #CUs offer credit-building loans,@SchenkMike @CUNA vice president of economics and statistics, told @CreditCardsCom
4 hours ago
RT @CUNA: DDoS attacks shorter, intense, more expensive: @VERISIGN HT @newsnowlivewire http://t.co/QiQKIEjK5v
4 hours ago
RT @CUNA: .@CUNACouncils launches new website. Offering site tours to current members. Check it out! http://t.co/YFJA1tKIxn
4 hours ago
.@Discover to support #ApplePay by fall http://t.co/3wDjkOVU7P HT @Forbes
6 hours ago
.@HUDgov requires investors to delay foreclosure for a year and offers a non-profit only pool sale http://t.co/WYzQrTL3QA
8 hours ago