Senate Banking eyes housing, flood insurance

May 7, 2012 – The housing market, flood insurance and federal support for financial institutions are slated for discussion this week in hearings of the Senate Banking Committee and its subcommittees.

On Tuesday, the full committee holds a hearing on expanding refinancing opportunities to improve the housing market. The hearing announcement so far lists Secretary of Housing and Urban Development Shaun Donovan as the sole witness.

The National Flood Insurance Program and the need for its long-term reauthorization and reform is the topic of a May 9 hearing by the Senate Banking Subcommittee on Economic Policy.

There are two panels of witnesses, including Todd Klietz, floodplain administrator for Missoula County, Mont., Dwayne Bourgeois of the North Lafourche Conservation Levee and Drainage District in Raceland, La., David Simpson of the Property and Casualty Insurers Association of America, Maurice Veissi of the National Association of Realtors and Sarah Murdock of The Nature Conservancy.

The NFIP is operating under a temporary extension that currently expires May 31. NAFCU has urged lawmakers to move on a long-term extension to remove uncertainty among credit unions and their members about their ability to ensure required coverage.

Wednesday also includes a Senate Banking Subcommittee on Financial Institutions and Consumer Protection hearing on limiting federal support for financial institutions. The two witness panels include former Federal Reserve Chairman Paul Volcker, FDIC Board Member Thomas Hoenig, Frost National Bank Chairman Emeritus Tom Frost and Demos Senior Fellow Wallace Turbeville.