November 27, 2018

NAFCU urges action on NFIP extension before lapse

Capitol DomeNAFCU's Brad Thaler is urging Senate leaders to act on legislation to extend funding for the National Flood Insurance Program (NFIP) before it expires at midnight Friday.

Thaler, NAFCU's vice president of legislative affairs, wrote to Senate Majority Leader Mitch McConnell, R-Ky., and Minority Leader Chuck Schumer, D-N.Y., Monday in support of a bipartisan bill that would keep the program intact through the end of May.

Another potential vehicle to extend the program is government funding legislation that needs to pass by Dec. 7 to avoid a government shutdown. The House is considering passing a week-long extension of the NFIP that would allow more time for a longer extension to be attached to the government funding bill.

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.