Congress is racing to pass an eighth short-term extension of the National Flood Insurance Program by Friday, when the current extension expires.
CUNA officials said they recognize the need for another short-term extension, but want Congress to pass a longer reauthorization
"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," CUNA President/CEO Jim Nussle said.
Recommended For You
"NAFCU has supported efforts to enact a long-term reauthorization, as well as reform and modernize the NFIP, and we will continue to work with Congress in this regard," NAFCU Vice President of Legislative Affairs Brad Thaler wrote in a July letter to congressional leaders. "
The NFIP is administered by FEMA, which works with more than 80 private insurance companies to offer flood insurance in areas where flooding is a distinct risk. Congress created the program in 1968 largely in response to the lack of availability of private insurance.
As of May, the NFIP had more than five million flood insurance policies providing more than $1.28 trillion in coverage, according to the Congressional Research Service.
Congress has been struggling with how to update the program to ensure its solvency. However, as with many other issues, the House and Senate has been unable to agree on how to do that.
Last year, House Financial Services Chairman Jeb Hensarling (R-Texas) said he hoped that Hurricane Harvey would spur congressional action, but lawmakers still failed to reach agreement on a measure.
The NFIP is just one issue that Congress is likely to address during the lame-duck session which started Monday.
Parts of the federal government are operating on a short-term Continuing Resolution that expires Dec. 7. That resolution includes the annual Financial Services bill, but since the NCUA and CFPB are not funded through the appropriations process, those agencies are not included in the bill.
And in the coming weeks, the Senate is likely to vote on the nomination of Kathy Kraninger to head the CFPB. That nomination expires at the end of the year if Kraninger is not confirmed by then.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
