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News Now

Washington
NFIP extended until May 31
WASHINGTON (4/19/10)--H.R. 4851, the Continuing Extension Act of 2010, was signed into law by President Barack Obama on Thursday, and, as a result, the authorization for the National Flood Insurance Program (NFIP) has been extended until May 31. The legislation also continues federal subsidies to COBRA health insurance recipients through April 30 and extends federal unemployment insurance until May 5. NFIP is important to credit 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. The NFIP, COBRA and unemployment insurance have been lapsed since 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. The Congress is currently working on an extenders bill that would extend some tax programs and other programs through the end of the year.


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