Reauthorization of the National Flood Insurance Program. (Announcements).The Federal Reserve Board on January 14, 2003, informed state member banks of the reauthorization of the National Flood Insurance Program The National Flood Insurance Program (NFIP) was created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). (NFIP NFIP National Flood Insurance Program (US FEMA) NFIP National Foreign Intelligence Program NFIP National Foundation for Infantile Paralysis, Inc. NFIP National Federation of Independent Photographers ) by the Congress, retroactive to December 31, 2002. The authority of the Federal Emergency Management Agency The Federal Emergency Management Agency (FEMA) is the federal agency responsible for coordinating emergency planning, preparedness, risk reduction, response, and recovery. The agency works closely with state and local governments by funding emergency programs and providing technical (FEMA FEMA, n.pr See Federal Emergency Management Agency. ) to issue flood insurance policies expired on December 31, 2002, after the Congress adjourned without extending FEMA's issuance authority. On December 20, 2002, the federal financial institution regulatory agencies jointly issued interim guidance to assist borrowers and lenders in dealing with questions about what to do during the lapse. On January 13, 2003, President Bush signed the National Flood Insurance Program Reauthorization Act into law. The act extends the authorization of the NFIP to December 31, 2003. |
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