WASHINGTON–The Senate has voted in favor of another short-term extension for the National Flood Insurance Program, voting 86-12 to provide funding through Nov. 30.
Both credit union trade groups had been advocating for an extension, with both also urging a longer-term solution.
"We thank Senate leadership for extending the National Flood Insurance Program and providing four additional months of funding, said CUNA President/CEO Jim Nussle in a statement. "It's vital that flood insurance premiums remain affordable so that credit union members in parts of the country where this type of insurance is required are not shut out of the opportunity to own a home."
The NFIP supports flood insurance, floodplain management, and the development of flood hazard zones, which all contribute to a more stable housing market. CUNA added that it maintains that the burden associated with compliance with flood insurance regulations is already too high, particularly for smaller lenders, and any increase in civil money penalties would increase this burden even further.
“A strong, sustainable, and affordable NFIP best serves our nation’s housing market for years to come, and CUNA continues their advocacy efforts supporting the continuation this vital program,” the trade group said.