House Extended Flood Insurance Program Will Aid CUs in Affected Areas
FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
Washington, D.C. (July 25, 2018) – The House passed legislation that would authorize the National Flood Insurance Program (NFIP) for an additional four months, until November 30. Credit Union National Association (CUNA) strongly supports this extension to prevent potentially significant disruption to housing markets in flood-prone areas of the country.
Many credit unions offer mortgages across the country, including in areas covered by flood insurance requirements. In addition to facilitating underwriting of affordable flood insurance policies, the NFIP also designates flood hazard zones and helps local communities with floodplain management and mitigation.
"We’re pleased the House has voted to extend the National Flood Insurance Program (NFIP) for four months and hope the Senate will follow suit," said CUNA President/CEO Jim Nussle. "While we encourage Congress to continue to work on a long-term solution to enhance affordability and sustainability of the NFIP and provide certainty to the market, this extension, upon Senate passage and enactment, will ensure credit unions in affected areas are able to continue serving their members’ mortgage needs."
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. At the same time, a sustainable NFIP alongside a robust private flood insurance market will serve the best interests of our nation's housing market for years to come, and CUNA continues to support targeted reforms and long-term reauthorization of this important program.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.