The House Financial Services Committee on Friday passed a bill extending the National Flood Insurance Program for five years and three bills to make changes to the structure of the Consumer Financial Protection Bureau.
CUNA and NAFCU supported the flood insurance measure and backed an amendment by Rep. Frank Lucas (R-Okla.) that would clarify existing law that allows lenders to collect premiums for force-placed flood insurance during the 45-day notification period in the instance when a borrower allows his or her policy to lapse.
The trade associations contend that the clarification is needed because credit unions participating in the program assume the risk of property damage during the notification period.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
