Insurance

Congress extended the National Flood Insurance Program through June 14, preventing the federal initiative from expiring on Saturday.

Rodney Hood, chairman of the National Credit Union Administration board, will testify later this week before a Senate committee with CECL as a likely topic.

The company will record a $2.1 million pretax gain in the second quarter after selling Summit Insurance Services to the Hilb Group.

The Fitchburg, Mass.-based institution also started an insurance agency and upgraded its mobile banking last year.

First-term Rep. Rashida Tlaib, D-Mich., has sponsored the Prevent Discrimination in Auto Insurance Act in order to prevent “undue burden” on low-income individuals seeking auto insurance.

The House Financial Services Committee debated legislation Wednesday to reform and reauthorize the National Flood Insurance Program, but no clear solution emerged.

The House Financial Services Committee will hold eight hearings next month, looking at Wells Fargo's recent consumer protection scandals, a reauthorization of the flood insurance program and more.

The agency has required restitution in just one of six settlements under its new director, raising questions about whether the pattern will continue.

The National Credit Union Administration board was also briefed on a final interagency rule regarding private flood insurance during its regular monthly meeting.

Depository mortgage lenders are optimistic the final version of a regulation designed to open up the flood insurance market will make it easier for them to comply with a rule requiring them to accept private carrier policies.