A law recently passed by the New York State Assembly and signed by Gov. Kathy Hochul puts significant limits on the flood insurance that lenders can require borrowers to purchase on loans secured by residential real property....more
1/27/2025
/ Compliance ,
Consumer Financial Products ,
FEMA ,
Financial Institutions ,
Financial Services Industry ,
Flood Insurance ,
Insurance Industry ,
Mortgage Lenders ,
Mortgages ,
New Legislation ,
Risk Management
For the 11th time in the last two years, the House has passed yet another short-term extension of the National Flood Insurance Program (NFIP). The NFIP remains the largest source of flood coverage in the U.S.; this extension...more
Following criticism from industry groups and members of Congress, FEMA has retreated from a December 27 announcement that it would stop issuing new flood policies and renewals during the ongoing partial shutdown of the...more
The Senate’s vote Tuesday to forgive $16 billion in debt owed by the National Flood Insurance Program gives a much-needed boost for NFIP as it faces large payouts from recent hurricanes. Packaged with other disaster aid...more