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

Phil Hall

Link copied

Published

Jul 11, 2018

Operations

MBA Expands CONVERGENCE With New Knowledge Hub For Lenders

iEmergent-powered dashboard gives mortgage professionals local market insights on demographics, affordability, and homeownership trends

The Mortgage Bankers Association's (MBA) CONVERGENCE initiative has expanded with the launch of the CONVERGENCE Knowledge Hub, a new online resource designed to help lenders, nonprofit organizations, housing counselors, real estate professionals, and community leaders expand...

People On The Move

Click n' Close Appoints Merv Govender As Chief Information Officer

Veteran technology executive brings nearly three decades of leadership in banking, gaming, and healthcare to oversee AI, cybersecurity, and technology strategy

Click n' Close has appointed Merv Govender as its new chief information officer, adding a technology executive with nearly three decades of experience leading digital transformation initiatives across banking, gaming, and healthcare.In his new role, Govender will oversee the...

Sep

San Francisco, CA

More from

Regulation and Compliance

CHLA Backs Bank Capital Proposal, Questions Impact On Mortgage Lending

Trade group supports lower mortgage risk weights but says broader market forces — not capital rules — drove banks' retreat from the market

Regulation and Compliance

Jun 24, 2026

Senate Passes 21st Century ROAD To Housing Act In 85-5 Vote

Sweeping housing package heads back to House after Senate clears final version with broad bipartisan support

Regulation and Compliance

Jun 23, 2026

MISMO Updates Business Glossary To Support AI, eMortgages

New definitions covering eHELOCs, remote online notarization, valuation modernization, and compliance initiatives aim to improve consistency

Regulation and Compliance

Jun 17, 2026

Underwriters Don’t Slow Down Loans. They Eliminate Uncertainty.

ndustry’s biggest bottleneck is not underwriting itself — it is the uncertainty that reaches underwriting too late in the process. When validation happens upstream, speed follows naturally.

Regulation and Compliance

Jun 16, 2026

MISMO Launches AI Governance Framework For Mortgage Lenders

New FRAME toolkit gives lenders, servicers, and technology providers a roadmap for managing AI risk while supporting innovation

Regulation and Compliance

Jun 11, 2026

CFPB Tells Lenders Immigration Status Can Factor Into ATR Analysis

CFPB frames immigration status as a potential ability-to-repay factor when future U.S.-based income is at risk

Regulation and Compliance

Jun 10, 2026

Popular