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September 27, 2023

NAFCU calls on Congress to prevent NFIP lapse

As lawmakers continue to work on government funding issues ahead of a potential shutdown this weekend, NAFCU Vice President of Legislative Affairs Brad Thaler called on lawmakers to prevent a lapse of the National Flood Insurance Program (NFIP).

Funding for the NFIP is currently set to expire at midnight Sept. 30, along with other federal government funding. Sen. John Kennedy, R-La., has introduced legislation to extend the NFIP through the end of 2023, and the House is expected to consider the bill on its suspension calendar this week.

“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,” Thaler wrote. “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.

“NAFCU appreciates the urgency with which Congress is acting to prevent this vital program from lapsing, as a lapse of the NFIP will leave millions of homeowners at risk and create disruptions and uncertainty in the housing market.”

NAFCU will continue to advocate for NFIP funding and improvements. The association is also advocating against amendments to government funding bills that would negatively impact the credit union industry.

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