WASHINGTON - (06/28/06) The House overwhelmingly passeda bill Tuesday to reform the National Flood Insurance Program byphasing out billions of dollars of subsidies and beefing upenforcement of mandatory coverage in flood areas. The bill wouldeliminate subsidies for vacation homes and non-residentialproperties to bring the annual premiums for those properties morein line with market rates. It would also raise lender fines fornon-enforcement of mandatory flood insurance from the current $350to $2,000 per incident, and as much as $1 million for a singlelender. The measure would also increase maximum coverage forresidences and contents from $350,000 to $470,000; and forbusinesses and churches from $500,000 to $600,000. The main goal ofthe legislation, which must now be reconciled with a separate billin the Senate, is to dig the program, administered by the FederalEmergency Management Agency, out of a deep financial deficit,estimated at as much as $20 billion. Thats after Congressvoted to increase funding for the flood program from $1.5 billionto $21 billion after hurricanes Katrina, Rita, andWilma.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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