Natural disasters

Lawmakers authorized a four-month extension less than a day before the program was set to expire.

Lawmakers authorized a four-month extension less than a day before the program was set to expire.

With the program set to expire July 31, the House bill will have to be reconciled with Senate legislation that includes a longer extension.

Reps. Ed Royce, R-Calif., and Earl Blumenauer, D-Ore., introduced a bipartisan package of legislation Tuesday to extend the National Flood Insurance Program through Nov. 30.

Once again, congressional inaction on reauthorizing the National Flood Insurance Program is prompting concerns about what a lapse in coverage could mean for loan closings.

With the 2018 hurricane season just around the corner, a recent report from the Federal Reserve highlights how much competition credit unions face when it comes to lending to small businesses recovering from natural disasters.

A plan to bring in banks was created right after last summer’s hurricane devastation, but the magnitude of those storms, government dawdling on the issue and lenders’ reluctance to participate are key reasons zero loans have been made under the program.

As Congress moves quickly toward passing regulatory relief legislation, another financial services policy goal — long-term reform of the National Flood Insurance Program — remains stalled.

Regulators said they were taking steps to recognize contributions to the recovery made by banks anywhere in the nation.

American Banker comprehensively covered the impact hurricanes Harvey, Irma and Maria had on banks and their customers, including on-the-ground reporting and analysis.