Skip to main content

House Votes for Four-Month NFIP Extension

Phil Hall
Jul 25, 2018
The House of Representatives voted 366-52 to pass legislation that will extend the National Flood Insurance Program (NFIP) until the end of November

The House of Representatives voted 366-52 to pass legislation that will extend the National Flood Insurance Program (NFIP) until the end of November.
 
The NFIP is scheduled to expire on July 31. The House vote came one day before its members are scheduled to leave on its August recess. The Senate, which had its August recess put on hold by Senate Majority Leader Mitch McConnell (R-KY), is expected to take up the legislation in the coming weeks.
 
Rob Nichols, President and Chief Executive Officer of the American Bankers Association (ABA), warned that the NFIP cannot be allowed to expire or repeatedly saved with temporary measures.
 
“If there is a lapse, many loan closings in high-risk areas will be delayed or otherwise complicated, resulting in additional costs and borrower frustrations,” Nichols said, noting that his organization “strongly supports both a long-term reauthorization of the program and necessary reforms that will make the NFIP more sustainable, while also balancing concerns over availability and affordability.”
 
SmarterSafer, a coalition of environmental groups, taxpayer advocates, insurance stakeholders, housing organizations and mitigation advocates supporting reforms to the flood insurance process, had mixed feelings over the vote.
 
“Though SmarterSafer is pleased that the House took action so that NFIP will not lapse, it is disheartening that our representatives have once again declined to enact much needed reforms to NFIP, which has borrowed over $25 billion from U.S. taxpayers,” said the group in an unattributed statement. “We urge Congress to use the next four months to create a comprehensive legislative package that addresses ensures that the program better protects people in harm’s way, the environment and taxpayers.”
 
National Association of Realtors (NAR) President Elizabeth Mendenhall said, “Flooding is the most common and costly natural disaster in the United States. Without an extension of authority, the National Flood Insurance Program cannot write or renew flood insurance in 22,000 communities nationwide. The bill passed by the House today ensures the program remains available to those Americans who rely upon it, while enabling Congress to continue working toward a long-term reauthorization and reform measure. We urge the Senate to take swift action on this bill before the program expires on July 31.”

 
Published
Jul 25, 2018
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022
AARMR No Protection For Savanah Scares

Conference provides opportunity for regulators to interact, discuss common topics

Regulation and Compliance
Jan 04, 2022
McCargo Sworn In As Ginnie Mae President

Former HUD official becomes the first female to lead the Government National Mortgage Association.

Regulation and Compliance
Jan 04, 2022