WASHINGTON - (09/23/05) -- The ink is barely dry on new federalfunding for flood insurance and administrators of the NationalFlood Insurance Program are saying it's not nearly enough to paythe existing claims for Hurricane Katrina. In fact, the BushAdministration is saying it may need as much as ten times the $3.5billion available under the newly passed legislation to pay the170,000 claims expected from the massive hurricane. Congressquickly passed a bill this week that will double the availablefunding to pay flood claims to $3.5 billion. But White Houseofficials were projecting they may need more than $30 billion topay all of the claims for properties damaged or destroyed byKatrina. And that's for the homes and businesses that are properlycovered under the only flood insurance program in the country,administered by the Federal Emergency Management Agency. FEMAofficials are estimated there may be as many as 200,000 moreproperties that are not covered by flood insurance, potentiallyputting lenders at risk for the damages. Lawmakers were meetinglast week to discuss the massive shortfall in flood insurance andhow to handle it.
-
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
1h ago -
In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
1h ago -
To build their executive presence in meetings and on video calls, junior employees should embrace flexible schedules — and possibly media training, Michelle Young of Worldpay and Anna Greenwald of MoneyGram International said at American Banker's Payments Forum.
3h ago -
Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
April 25 -
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
April 25 -
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
April 25