Superstorm Sandy
12:33 pm
Wed March 18, 2015

FEMA Outlines Flood Insurance Reforms

People stand next to a house that collapsed during Superstorm Sandy in East Haven, Conn. on Tuesday, Oct. 30, 2012.
Credit AP Photo/Jessica Hill

The Federal Emergency Management Agency (FEMA) has begun revealing details on how it will reform the National Flood Insurance Program.

FEMA oversees the program, which allows people to buy flood insurance from the federal government.  The agency contracts private insurance companies to process claims and payouts through the program.

FEMA's talk of reform follows weeks of criticism that the private insurance companies who administer the program underpaid homeowners following Superstorm Sandy.

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1:11 pm
Tue March 17, 2015

Tribes Make Pitch For New Casinos In Connecticut

Foxwoods Resort Casino.
Credit Bob Child / AP Photo

The tribes who operate Connecticut’s two casinos say the state will face dire economic consequences if they aren’t allowed to open an additional three casinos. They’re worried about competition from an $800 million casino scheduled to open in 2017 in Springfield, Massachusetts.

At a public safety committee meeting on Tuesday, representatives from the two tribes told lawmakers that competition from the upcoming Massachusetts casino could cost them jobs, and could cost the state revenue.

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Superstorm Sandy
11:29 am
Tue March 17, 2015

FEMA Seeks Thousands of Insurance Records

Boats lie piled up as people work to secure a fuel dock in the wake of superstorm Sandy, Tuesday, Oct. 30, 2012, in West Babylon, N.Y.
Credit AP Photo/Jason DeCrow

The Federal Emergency Management Agency (FEMA) is beginning its probe into the allegedly lowballed Superstorm Sandy claims by asking flood insurance companies to turn over thousands of records by the end of the week. The data request includes the name of the engineering company and the amount of the damage that was not included in the final payout.

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Superstorm Sandy
12:15 am
Tue March 17, 2015

FEMA's Appeals Process Favored Insurance Companies Almost Every Time

Doug Quinn's ranch house in Toms River, N.J., was heavily damaged by flooding during Hurricane Sandy. His insurance company gave him half the value of his home and when he appealed, FEMA sided with the insurance company.
Credit Hansi Lo Wang/NPR

The Federal Emergency Management Agency has taken the unprecedented step of reopening all Superstorm Sandy flood claims because thousands of homeowners said insurance companies intentionally lowballed damage estimates.

Similar allegations surfaced in 2004 after Hurricane Isabel struck the mid-Atlantic. To answer critics then, FEMA formalized an appeals process.

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Commerzbank fined
3:23 pm
Mon March 16, 2015

NY Moves To Be A 'Laboratory' Of Financial Regulation

Benjamin Lawsky, superintendent of the New York State Department of Financial Services.
Credit AP Photo/Mike Groll

New York's top bank regulator wants to lead the federal government in aggressively cracking down on errant corporations.

Last week the New York Department of Financial Services fined the German Commerzbank $1.4 billion last week, while also requiring the company fire several employees.

"We think New York state can become a real laboratory of democracy when it comes to financial regulation," Ben Lawsky, Superintendent of Financial Services, said last week before University of Albany business students.

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