With hours to spare, the Senate today passed an American Bankers Association-supported measure extending the National Flood Insurance Program through Nov. 30, providing certainty for lenders and borrowers during this year’s hurricane season. The 86-to-12 vote sent the extension to President Trump ahead of the program’s scheduled expiration at midnight tonight.
ABA President and CEO Rob Nichols welcomed the Senate’s action. “Avoiding a lapse in program authority will protect borrowers from closing delays, additional costs and other complications,” he said. ABA will continue to work with lawmakers to secure a long-term NFIP reauthorization.