Senate Reauthorizes Fed Flood Insurance Program

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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.

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