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.
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