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Lawmakers share agreement on long-term authorization of the NFIP
The House Financial Services Subcommittee on Housing, Community Development, and Insurance Wednesday held a hearing to discuss the reauthorization and reform of the National Flood Insurance Program (NFIP). There was general consensus among lawmakers and witnesses that stability is essential for the NFIP to function properly, and that long-term reauthorization with prudent reforms would be the right move.
NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the committee ahead of the hearing sharing the association’s support for the long term-authorization and modernization of the NFIP.
“NAFCU encourages Congress to enact a long-term reauthorization to reform and modernize the NFIP, and we stand ready to work with Congress in this regard,” wrote Thaler. “However, with the NFIP in danger of lapsing at the end of September, it is critical that Congress enact an extension of the program in time to ensure that the NFIP is not disrupted.”
The funding for the program was extended earlier this year when lawmakers reached a deal to pass the omnibus package in March.
NAFCU will continue to keep credit union members on the latest updates regarding the NFIP.