Flood Insurance Extension
The U.S. House and Senate passed a long-term extension of the National Flood Insurance Program on July 1 that would extend the program through 2017. It otherwise was set to expire on July 31. The bill also includes language suggested by the Credit Union National Association (CUNA) to address force-placed flood insurance. Final enactment was made more likely after flood insurance was combined into a larger package that includes a highway reauthorization measure and a bill that will delay for a year a rise in federal direct student loan rates. The President is expected to sign the measure into law, giving credit unions the five-year extension of the flood insurance program they've been seeking.