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NAFCU, with a range of organizations from the real estate sector to the insurance industry, on Friday urged the Federal Emergency Management Agency to immediately convene a National Flood Insurance Summit to bring greater clarity to provisions of the Biggert-Waters Flood Insurance Reform Act of 2012.

"In the more than 20,000 communities nationwide where flood insurance is required to secure a mortgage, we are responding to several difficult implementation decisions made by the Federal Emergency Management Agency (FEMA) involving the Biggert Waters Act," the groups said in a letter sent jointly to FEMA. "[U]ncertainty and confusion surrounding these implementation issues are now beginning to stall transactions nationwide."

The letter said it is vital for the undersigned organizations – representing affected real estate, development, finance and insurance industries and local governments – to understand "FEMA's intentions and approach to the law" so they can better educate the public.

In July, House Financial Services Committee Ranking Member Maxine Waters, D-Calif., and other House members from both sides of the aisle urged FEMA to prevent huge spikes in some homeowners' flood insurance rates under the 2012 flood insurance reform act. In October, the "Homeowner Flood Insurance Affordability Act," was introduced in the Senate by Sens. Robert Menendez, D-N.J., and Johnny Isakson, R-Ga., and in the House by Reps. Michael Grimm, R-N.Y., and Waters to delay premium increases. Both bills have bipartisan support.

NAFCU supports a delay in implementing rate increases by the National Flood Insurance Program until further study is completed on how to sustain a reasonable flood insurance program. Friday's letter concluded that all organizations have a "vested interest in the most efficient, effective implementation of the new law."

The House Financial Services Committee plans to hold a hearing on the 2012 reform law Tuesday.