The House and Senate banking committees are rushing to provide additional borrowing authority for the cash-strapped federal flood insurance program, which suspended paying claims to homeowners on Nov. 11.The National Flood Insurance Program has exhausted its $3.5 billion line of credit with the Treasury, and the House Financial Services Committee has approved a flood insurance reform bill that would provide $18.5 billion in additional borrowing authority. The Federal Emergency Management Agency, which administers the NFIP, has estimated that hurricanes Katrina and Rita will generate $22 billion in flood insurance claims. Meanwhile, Senate Banking Committee members are working with Senate leaders to pass a quick fix for the flood program, but they have not settled on the amount of the additional borrowing authority. After this weekend, Congress will adjourn for Thanksgiving and return to the Capitol on Dec. 5.
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Keeping vendor arrangements under wraps, "pen-tests" and a few simple email setting changes can make a world of difference in avoiding future attacks, experts say.
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The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
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The top five depositories have a combined wholesale volume of more than $15 billion at the end of Q4 2023.
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Among opportunities to be offered to the program's fifth class of startup entrepreneurs are bank-provided mentorships and sessions with technology leaders and regulatory experts within home finance.
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Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
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The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
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