House Passes Five-Year Flood Insurance Reauthorization

In a bipartisan 237-189 vote today, the House passed H.R. 2874, which would reauthorize the National Flood Insurance Program for up to five years. In addition to extending the NFIP before it expires next month — and thus providing greater certainty to lenders and borrowers — the legislation also includes updates to interagency guidance and mandatory staffing that will facilitate compliance.

American Bankers Association President and CEO Rob Nichols applauded the vote. “We strongly support a long-term reauthorization of the NFIP, and believe this bill makes appropriate and necessary reforms to address the program’s sustainability, affordability and availability,” he said. “The five-year reauthorization included in the legislation will ensure that the program is reliably available for borrowers seeking to purchase homes in special flood hazard areas where purchase of flood insurance is mandatory.” For more information, contact ABA’s Joe Pigg.