Maine, Rhode Island Granted Disaster Aid for February Storm

March 27, 2013Email ThisPrintNewslettersTweetArticleComments

Maine will be eligible for federal help to cover the costs of a blizzard that hit in early February.

President Barack Obama on Monday approved Gov. Paul LePage’s request for a disaster declaration.

The declaration means Androscoggin, Cumberland, Knox, and York counties are eligible for assistance to cover snow removal work and the repair or replacement of disaster-damaged facilities.

The storm on Feb. 8-9 caused coastal flood damage and costly snow removal that LePage says is estimated to be more than $3.5 million.

LePage says FEMA will reimburse municipalities and state agencies for 75 percent of their costs for at least 48 hours of snow removal, as well as the costs related to emergency protective measures and any infrastructure damage from the storm.

President Obama has also granted a major disaster declaration for Rhode Island to provide federal aid for state and local recovery efforts from the snowstorm of Feb. 8-9.

The declaration announced last Friday by the White House makes federal funding available to state and local governments, and to certain private nonprofits on a cost-sharing basis for emergency work and repair and replacement of facilities damaged in Bristol, Kent, Newport, Providence and Washington counties.

Federal funding is also available to the state and eligible local governments for a 48-hour incident period in Kent, Providence, and Washington counties.

Aid is also available on a cost-sharing basis for hazard mitigation measures statewide.

 

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MetLife Granted Third Fed Extension to Submit Capital Plan

January 8, 2013Email ThisPrintNewslettersTweetArticleCommentsThe Federal Reserve has granted MetLife Inc a third extension to submit its capital plan as the insurer moves closer to completing the sale of its deposit-taking business to a unit of General Electric Co.’s GE Capital.

The largest life insurer in the United States said it received a letter from the Fed granting an extension until June 30 to submit the plan.

MetLife has a bank holding charter because of its online banking business and is therefore overseen by the Fed. Last March the insurer failed a stress test and was blocked by the Fed from raising dividend or buying back shares.

The sale of the deposits portion of its bank to GE Capital got approval from banking regulators in December, moving MetLife a step closer to relinquishing the bank charter, which may mean the end of Fed oversight.

The company has, however, warned that it does not expect to buy back any shares in 2013, a blow to investors who have waited since the autumn of 2011 for a return of capital.

MetLife had received an extension from Sept. 30, 2012 until Jan. 5 to resubmit its capital plan. The September deadline was also an extension of an earlier June deadline.

 

 

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