Flood insurance

The Buffalo, N.Y., bank will pay a $546,000 penalty, which will be passed on to the National Flood Insurance Program to help offset costs.

For decades lawmakers have ignored broad structural flaws in the National Flood Insurance Program, which underpins millions of home mortgages. And the problem is only getting worse.

The GOP is unlikely to discuss much policy that affects financial services this week during its national convention, though there could be remarks addressing controversial changes to the U.S. Postal Service.

The OCC said Citigroup's main bank subsidiary violated the Flood Disaster Protection Act by not ensuring that borrowers with homes in flood hazard areas had insurance coverage.

Bankers had worried about Rep. Maxine Waters' control of the Financial Services Committee, but many now say the Democrat’s working relationship with the panel’s top Republican is refreshing.

A group of 64 House lawmakers is pushing congressional leadership to incorporate premium caps and address a new methodology for assessing risk in flood insurance reform legislation.

Wisconsin Republican Sean Duffy routinely pushed to restructure the Consumer Financial Protection Bureau and authored a bill to reform the flood insurance program.

Members from states threatened by storms say their proposal is better for consumers than recent legislation passed by the House Financial Services Committee.

Lenders should get a boost from refinances and purchase loans; BB&T and SunTrust Banks’ name choice questioned.

Bills to fix the National Flood Insurance Program and combat the money-laundering risks from shell companies enjoyed bipartisan support during a House Financial Services Committee debate.