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Congress passes 1-week flood insurance extension bill
Both the House and Senate passed a bill Thursday to extend funding for the National Flood Insurance Program (NFIP) until Dec. 7. The program had been set to expire at midnight tonight if an extension wasn't passed; NAFCU had urged congressional leaders to act on legislation to extend funding for the program before it expired.
The one-week extension aligns the NFIP with the current deadline to pass additional government funding measures to avoid a partial government shutdown.
In addition to advocating for reauthorization of 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.
NAFCU will keep credit unions updated on efforts to extend the NFIP.