CUNA strongly supports efforts to reauthorize the National Flood Insurance Program (NFIP) later this year, President/CEO Jim Nussle wrote to Senate Banking Committee leadership Thursday. The letter was sent for the record of a hearing on the NFIP conducted by the Senate Banking Committee.
“Many credit unions offer mortgages to members around the country, including in areas covered by flood insurance requirements, and CUNA strongly supports your efforts to reauthorize the NFIP later this year,” Nussle wrote. “We also recognize that continuing reforms may be necessary to improve the actuarial footing of the NFIP and to ensure stability in the housing market in affected areas.
"At the same time, it is vital that flood insurance premiums remain affordable so that families in parts of the country where flood insurance is required are not shut out of the opportunity to own a home,” Nussle added.
Nussle concluded by stating that a strong, sustainable and affordable NFIP will “serve the best interests of our nation’s housing market for years to come, and we commend your work to reauthorize this vital program.”