WASHINGTON—The House of Representatives is being urged to approve legislation that would extend the National Flood Insurance Program's (NFIP) funding to Nov. 30.
The House is expected to vote on the legislation this week; the current NFIP reauthorization runs through July 31, and the program would lapse without congressional action.
NAFCU Vice President of Legislative Affairs Brad Thaler offered NAFCU's and credit unions' support of the short-term extension in a letter to House Speaker Paul Ryan (R-WI) and Minority Leader Nancy Pelosi (D-CA). He cautioned that a lapse of the program would "leave millions of Americans at risk and could create disruptions and uncertainty."
Calls For Reform
In addition, Thaler reiterated the association's call for a long-term reauthorization and reforms to modernize the NFIP. NAFCU has pushed for a number of improvements to the program, including increases in coverage limits, capping premiums and rates, updating federal flood mapping procedures and allowing private policies to fulfill the federal flood insurance mandate. While the House passed a long-term extension and reform package last year, the Senate has yet to act on a broader measure.