WASHINGTON - (09/20/05) -- Large swaths of the propertydestroyed or damaged by flooding from Hurricane Katrina were notcovered by flood insurance, leaving property owners, lenders andregulators with big post-storm headaches and wondering whether thefederal government will step in with financial aid. "This is a hugeproblem," NCUA Chairman JoAnn Johnson told NAFCU's annualCongressional Caucus Monday. "Many of these properties lie outsidethe floodplain and they don't have flood insurance. I knowPresident Bush is aware of this. Hopefully, some federal assistancewill come along." Under federal law all properties that lie withinthe delineated floodplain are required to be insured under theNational Flood Insurance Plan. But large portions of New Orleansand other areas flooded by the Hurricane were not inside thefloodplain, so did not require flood insurance. As a result,thousands of mortgages that were destroyed by flooding areuninsured. Congress is discussing an emergency appropriation tocover uninsured properties.
-
Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
10h ago -
The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
11h ago -
The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
July 2 -
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
July 2 -
Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
July 2 -
A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
July 2