The Senate voted Tuesday to extend the National Flood Insurance Program (NFIP) until Nov. 30, providing program funding for an additional four months. Extending the program prevents potentially significant disruption to housing markets in flood-prone areas of the country.
CUNA supports the extension, which passed the House last week, as many credit unions offer mortgages to members around the country, including in areas covered by flood insurance requirements.
"We thank Senate leadership for extending the National Flood Insurance Program and providing four additional months of funding, said CUNA President/CEO Jim Nussle. "It is vital that flood insurance premiums remain affordable so that credit union members in parts of the country where this type of insurance is required are not shut out of the opportunity to own a home."
The NFIP supports interests of the housing market by providing flood insurance, floodplain management, and the development of flood hazard zones. CUNA maintains that the burden associated with compliance with flood insurance regulations is already too high, particularly for smaller lenders, and any increase in civil money penalties would increase this burden even further.
A strong, sustainable, and affordable NFIP best serves our nation’s housing market for years to come, and CUNA continues its advocacy efforts supporting the continuation this vital program.