Continuing Resolution Extends NFIP through March 22, 2024
Congress passed and the President signed H.R. 7463 which provides funding for certain agencies within the federal government and authorizes the NFIP through March 22, 2024. While bills have been introduced which would provide short-term reauthorization of the NFIP, the NFIP’s authority remains tied to the federal budget approval process.
Learn more on the Congress Gov website
Updates to Census Tract Data for 2024 Reporting Purposes
On January 10, 2024 the FFIEC updated its geocoding mapping system to reflect changes announced by the State of Connecticut and by the Office of Management and Budget (OMB). According to the FFIEC, the changes apply to applicable loan transactions on or after January 1, 2024. For impacted clients that receive census tract and related data through our flood determinations, the new data can soon be made available for flood determinations previously processed going back to January 1.
Connecticut Changes to County Equivalents: In June 2022, the U.S. Census Bureau formally announced the acceptance of the State of Connecticut’s request that the Census Bureau adopt the State’s nine planning regions, replacing the eight counties, for purposes of collecting, tabulating, and disseminating statistical census data. In this notice, the Census Bureau announced that the changes would be complete by 2024. The changes include geographic boundaries, name, and code changes.
OMB Changes to MSA/MDs: In July 2023, the OMB released revised delineations for the Nation’s Core Based Statistical Areas, which include Metropolitan Statistical Areas (MSAs) and Metropolitan Divisions (MDs).
Learn more on the FFIEC website
Lacking Flood Insurance Can Lead to Property Risks and Unexpected Costs
According to FEMA, more than 40% of filed flood insurance claims are for homes outside of a high-risk area and as little as 1 inch of water can result in over $25,000 of property damage. Unfortunately, most homeowners do not purchase flood insurance unless required to do so. With flood risk extending beyond the borders of Special Flood Hazard Areas, it’s no surprise that this math doesn’t work out. Find out why purchasing flood insurance and staying insured is so critical.
Hear from Scott Giberson, CoreLogic Principal, Product Compliance in our latest blog.