Senate Reauthorizes Fed Flood Insurance Program

Register now

The Senate last week approved a reauthorization of the federal flood insurance program, ending the uncertainty for millions of homeowners whose insurance lapsed at year-end. The one-year reauthorization, supported unanimously by the credit union lobby, was swiftly signed into law by the President. Prior funding for the federal program, which covers 90% of all loans secured by mortgages on a flood plain, expired Dec. 31, leaving millions of borrowers in the lurch. The new bill extends coverage to year-end.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER