On Wednesday, the House passed H.R. 5569 (the “National Flood Insurance Program Extension Act of 2010”) which would extend the NFIP through September 30, 2010.   The extension would be retroactive to May 31 to cover policies applied for during the latest hiatus.  The bill has been forwarded for consideration by the Senate.

The Senate had also been considering H.R. 4213, a tax extenders bill, which contains a provision to retroactively extend the Flood Program through the end of the year.  However, consideration of this bill by the Senate stalled yesterday, and the House and Senate would have still needed to work through various issues related to this bill which deals with many programs beyond the NFIP.  In other legislative news, Congress appears to have reached a compromise this morning on the major financial reform bill which now goes before House and Senate for a full vote in the hope of sending to the President before July 4.

We will continue to monitor the progress of this legislative activity.  In the meantime, as we reported previously, FEMA has provided a guidance bulletin related to NFIP activity during a hiatus, while the National Credit Union Administration is the latest of the Federal Regulatory Agencies to issue a guidance document regarding flood insurance related procedures during a hiatus.