Housing finance reform will be among the priority issues the Senate Banking Committee will focus on during the 116th Congress, Chairman Mike Crapo (R-Idaho) announced today.

The financial regulatory agencies last Friday released a final rule governing the acceptance of private flood insurance.

House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) wrote to Chairman Maxine Waters (D-Calif.) today urging her to hold hearings on a number of critical financial services issues, including several American Bankers Association priorities. 

In her first major speech as chairman of the House Financial Services Committee, Rep. Maxine Waters (D-Calif.) today highlighted the priority issues she will focus on in her new role.

With the government shutdown entering its third week, mortgage lending and servicing operations are being affected.

The rapid pace of change will continue in 2019, ABA policy staff project.

Effective immediately, the Federal Emergency Management Agency will allow operations of the National Flood Insurance Program to resume, even while the government remains partially shut down, the agency announced today.

In an unanticipated move yesterday, the Federal Emergency Management Agency announced that it will halt regular National Flood Insurance Program operations during the government shutdown, a decision that will complicate and potentially delay loan closings for borrowers seeking mortgages where NFIP coverage is required.

With the federal government shut down since Saturday morning, several agencies are closing all but essential operations.

The American Bankers Association joined 26 other industry trade groups in a letter to congressional leaders urging them to take action to extend the National Flood Insurance Program, which is scheduled to lapse on Friday.