Skip to main content

Trade Groups Urge Congressional Extension of National Flood Insurance Program

Jul 11, 2018
Reconstruction costs in states that were subject to natural disasters between 2016 and 2018 increased from 5.6 percent to 7.6 percent from 2016 to 2018

A coalition of nearly two dozen housing-focused and business trade organizations has called on Congress to pass a long-term extension of the National Flood Insurance Program (NFIP).
In a letter to congressional leaders, the trade groups noted that Capitol Hill was responsible for six stop-gap extensions and two brief lapses of the NFIP in 2017 and 2018. The program is scheduled to expire on July 31, just as the 2018 hurricane season is underway, and the trade groups warned that the expiration of the program could result in delays to the ongoing recovery efforts from last year’s hurricanes that impacted Texas, Florida, Louisiana and Puerto Rico.
"Americans deserve certainty and stability in the flood insurance marketplace to be able to protect their homes and loved ones," the trade groups said in their letter. "A lapse of the NFIP, especially during the height of hurricane season, will leave millions of Americans at risk and result in severe disruption in the over 20,000 communities across the United States that depend on the NFIP."
The trade groups within the coalition included the American Bankers Association, American Land Title Association, Independent Community Bankers of America, Mortgage Bankers Association, National Association of Home Builders, National Association of Realtors, National Multifamily Housing Council and the U.S. Chamber of Commerce.

About the author
Jul 11, 2018
Bringing Buyer Agents Back To The Table

Dispelling misinformation about the broker commission lawsuits

CFPB Scores Major Victory In Townstone Financial Redlining Case

Seventh Circuit rules CFPB has broad authority to discourage discrimination to combat redlining

Jul 15, 2024
The New Frontier

In a modern lending landscape, be on high alert to safeguard against appraisal bias

CHLA Urges CFPB To End Trigger Lead "Junk Calls"

CHLA sends another letter urging the CFPB to focus on trigger lead solicitations.

CFPB Orders Freedom Mortgage To Pay $3.95M Over Housing Data Errors

CFPB proposed an order requiring Freedom Mortgage to pay a $3.95 million penalty