The Federal Emergency Management Agency has released flood guidance that will allow rebuilding in almost all of New Orleans, even though homes and other structures must be elevated by at least three feet to qualify for federal flood insurance."FEMA strongly recommends [that] communities build higher and stronger to reduce vulnerability from flooding during hurricanes," a flood insurance official said. Louisiana Gov. Kathleen Blanco said the long-awaited flood guidance is a "crucial element for residents determining how to rebuild their homes." Meanwhile, the Bush administration reduced its estimates for repairing and fortifying the levees in southeastern Louisiana, concluding that only $4.1 billion in additional funding is needed. Donald Powell, the president's coordinator for Gulf Coast rebuilding, said the administration will ask Congress for $2.5 billion to ensure completion of the levees around New Orleans. The improvements should provide flood protection for 98% of the population in the New Orleans area, according to the U.S. Army Corps of Engineers.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
6h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
8h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
8h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
11h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
11h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18