ABA Banking Journal
A group of 22 trade associations today wrote to congressional leaders urging them to take swift action to extend the National Flood Insurance Program to avoid a lapse in the program, which is set to expire on July 31. Congress has previously approved short-term stop-gap extensions for the program as the debate continues over its reform, and the NFIP lapsed briefly in 2017 and 2018.
The groups raised concerns that the program’s lapse during the height of hurricane season could leave millions of Americans at risk and could slow the ongoing recovery in areas stricken by hurricanes in 2017. “Flooding is the most common and costly natural disaster in the United States,” the groups wrote. “Americans deserve certainty and stability in the flood insurance marketplace to be able to protect their homes and loved ones.”
