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#1364634 - 03/26/10 02:47 PM Re: National Flood Insurance Program expired 2/28/2010 Sinatra Fan
Reads Regs Offline
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HR 4851 is pending in Congress. There was some activity on it yesterday. The last status says "Cloture motion on the motion to proceed to the bill presented in Senate." I'm not sure what this means exactly.

Here's the language from the bill. They want to extend the NFIP through 4/30/10.

SEC. 8. EXTENSION OF NATIONAL FLOOD INSURANCE PROGRAM.

(a) Extension- Section 129 of the Continuing Appropriations Resolution, 2010 (Public Law 111-68), as amended by section 8 of Public Law 111-144, is amended by striking `by substituting' and all that follows through the period at the end and inserting `by substituting April 30, 2010, for the date specified in each such section.'.

(b) Effective Date- The amendments made by subsection (a) shall be considered to have taken effect on February 28, 2010.
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#1364688 - 03/26/10 03:19 PM Re: National Flood Insurance Program expired 2/28/2010 Reads Regs
raitchjay Online
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OK
Cloture motion means basically a motion to end debate and get on with the vote. (former government teacher here.)
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#1364745 - 03/26/10 04:07 PM Re: National Flood Insurance Program expired 2/28/2010 Reads Regs
Sinatra Fan Offline
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Good grief, they're still doing the "let's extend the date only a month" nonsense. I was really hoping they would go out a year at least.

Thanks for the update, RR!
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#1364916 - 03/26/10 06:12 PM Re: National Flood Insurance Program expired 2/28/2010 Sinatra Fan
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I believe it was tied into the same bill that would extend unemployment benefits which has not passed yet.

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#1365080 - 03/26/10 08:33 PM Re: National Flood Insurance Program expired 2/28/2010 Combustible
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FYI...this didn't pass and the Senate has adjourned until April 12th.
Last edited by Trout2; 03/26/10 08:33 PM.
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#1365132 - 03/26/10 09:41 PM Re: National Flood Insurance Program expired 2/28/2010 Trout2
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Yep - was just going to post this. They couldn't agree on unemployment benefits so off for Spring break and NFIP expires Sunday.
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#1365268 - 03/29/10 01:10 PM Re: National Flood Insurance Program expired 2/28/2010 Tigg
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Assuming that they take up the bill the first day they are back, and assuming there are no amendments to the bill, and assuming the bill passes, they would still only be extending the funding for another 18 days!

I'm almost at the point where I want to give a disclosure with any flood searches that come up in a flood hazard area that, depending on Congress, we may or may not be able to close this loan when you want to.
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#1365943 - 03/30/10 01:29 AM Re: National Flood Insurance Program expired 2/28/2010 Sinatra Fan
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I was told by a vendor that this only applies to non-MPPP policies. Is this correct? Can we still force place flood insurance?

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#1368490 - 04/02/10 02:28 PM Re: National Flood Insurance Program expired 2/28/2010 pjs
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Did the extension made on 3/3 made retroactive to 2/28? Or was it to make policies effective on that day?

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#1369512 - 04/05/10 08:37 PM Re: National Flood Insurance Program expired 2/28/2010 Sinatra Fan
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Nope--Congress failed to reauthorize it. They don't go back into session to work on this again until after Easter break, April 12th. frown

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#1369516 - 04/05/10 08:42 PM Re: National Flood Insurance Program expired 2/28/2010 SSBStephanie
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Between the lines
WS, I think the one renewed on 3/3 was retroactive. As for the one that expired 3-27, we will have to wait till 4-12 or later to see what they do. Most likely, it will be retroactive to 3-27; but I am not taking any bets.
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#1369518 - 04/05/10 08:43 PM Re: National Flood Insurance Program expired 2/28/2010 SSBStephanie
M Cockrell Offline
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In reference to Congress:
Originally Posted By: SSBStephanie
They don't go back into session to work...


Woo-hoo!!!

That's a general "woo-hoo" that they're not working - not a specific "woo-hoo" about NFIP.

Although. Come to think of it...
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#1369521 - 04/05/10 08:45 PM Re: National Flood Insurance Program expired 2/28/2010 M Cockrell
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hahaha I'm always glad that someone can see the humor in this.

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#1369529 - 04/05/10 08:58 PM Re: National Flood Insurance Program expired 2/28/2010 M Cockrell
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Between the lines
Originally Posted By: M Cockrell
In reference to Congress:
Originally Posted By: SSBStephanie
They don't go back into session to work...


Woo-hoo!!!

That's a general "woo-hoo" that they're not working - not a specific "woo-hoo" about NFIP.

Although. Come to think of it...


grin grin Yep, "their working" isn't working out too well for us bankers.
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#1371759 - 04/09/10 02:23 PM Re: National Flood Insurance Program expired 2/28/2010 SMQ, CRCM
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I know it is probably to late for this question but y'all have got me all confused. I am not a loan person and am trying to understand this thing...I have the understanding that we can make and close loans during this expiration period just like normal and we still have to make flood determinations, send notices, take premiums, etc. but have to hold off on purchasing the insurance or making ins payments or anything that has to do with NFIP policies. Here is a link to a FRB CA Letter dated 3/29/10 and the attachment has great Q&A's.


http://federalreserve.gov/boarddocs/caletters/2010/1003/caltr1003.htm
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#1372231 - 04/09/10 07:29 PM Re: National Flood Insurance Program expired 2/28/2010 brainOverload
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Originally Posted By: brainOverload
I know it is probably to late for this question but y'all have got me all confused. I am not a loan person and am trying to understand this thing...I have the understanding that we can make and close loans during this expiration period just like normal and we still have to make flood determinations, send notices, take premiums, etc. but have to hold off on purchasing the insurance or making ins payments or anything that has to do with NFIP policies. Here is a link to a FRB CA Letter dated 3/29/10 and the attachment has great Q&A's.


http://federalreserve.gov/boarddocs/caletters/2010/1003/caltr1003.htm


Yes, that would be my understanding too. I cannot believe I wasn't aware of this, but that is the recent guidance I was referring to as well.

In a nutsehll, we can fund/close a loan secured by a structure in a flood zone during this lapse period without flood insurance and it won't be considered a violation, but all other provisions of the flood regulation apply regarding notification, determination, etc. Once Congress reauthorizes the NFIP, then flood insurance becomes mandatory if it would have been required during the lapse period.

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#1372278 - 04/09/10 08:01 PM Re: National Flood Insurance Program expired 2/28/2010 Glutes
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Hopefully we will find out something good Monday and not have to worry about this nonsense...
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#1373243 - 04/13/10 03:48 PM Re: National Flood Insurance Program expired 2/28/2010 brainOverload
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Any word on whether this has been extended again?

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#1373252 - 04/13/10 03:56 PM Re: National Flood Insurance Program expired 2/28/2010 CSB98
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There is a bill to extend it until May 5th pending and is expected to pass later this week.
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#1373337 - 04/13/10 05:11 PM Re: National Flood Insurance Program expired 2/28/2010 brainOverload
drewella Offline
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You know, as if flood insurance wasn't difficult enough the way it was! We have a loan where the 45 day wait period has just expired. The borrower's insurance co. said not policy available. Per the FEMA and Fed guidance, I see that is true. However, also per the guidance, the customer could complete an application for flood insurance, pay the premium and then wait for the program to be reinstated (or whatever they call it). My understanding is that the other option for the bank would be for the bank, or customer, to purchase private ins policy ($$$!). So, I would opt for the borrower paying through his ins agent.

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#1373355 - 04/13/10 05:29 PM Re: National Flood Insurance Program expired 2/28/2010 MarieR
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Originally Posted By: MarieR
There is a bill to extend it until May 5th pending and is expected to pass later this week.


Where can we find the info about this bill?
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#1373378 - 04/13/10 05:38 PM Re: National Flood Insurance Program expired 2/28/2010 brainOverload
Amos Offline
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This is from today's ABA Daily Newsbytes:

CONGRESS
Senate Moves Forward on Bill Extending Unemployment Benefits, Flood Insurance
The Senate late yesterday voted 60 to 34 to invoke cloture and avoid a filibuster on a bill (H.R. 4851) that would extend unemployment insurance benefits, the National Flood Insurance Program and subsidies for the COBRA health insurance program through May 5. Four Republicans joined Democrats in voting to move the legislation forward, making it likely that the Senate will pass the measure later this week.


This may not be the most recent version:
SEC. 8. EXTENSION OF NATIONAL FLOOD INSURANCE PROGRAM.
(a) EXTENSION.—Section 129 of the Continuing Appropriations Resolution, 2010 (Public Law 111–68), as mended by section 8 of Public Law 111–144, is amended by striking ‘‘by substituting’’ and all that follows through the period at the end and inserting ‘‘by substituting April 14 30, 2010, for the date specified in each such section.’’.
(b) EFFECTIVE DATE.—The amendments made by subsection (a) shall be considered to have taken effect on February 28, 2010.
Last edited by Amos; 04/13/10 05:41 PM.
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#1373427 - 04/13/10 06:01 PM Re: National Flood Insurance Program expired 2/28/2010 Amos
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Great...Thanks!
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#1373559 - 04/13/10 07:52 PM Re: National Flood Insurance Program expired 2/28/2010 brainOverload
Comply Wren Offline
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May 5...meaning in three weeks (if we are lucky) we will be going through this drama again. Good to know our Congressional Representatives are earning their pay (or am I in the wrong forum??? whistle)

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#1373570 - 04/13/10 08:01 PM Re: National Flood Insurance Program expired 2/28/2010 Comply Wren
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I don't understand why it keeps coming up to be approved- how dense is that?

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