ABA Calls for Senate to Pass NFIP Extension

In a recent letter to congressional leaders, the American Bankers Association called for the extension of the National Flood Insurance program to ensure that millions of Americans can continue to access flood insurance coverage as Congress contemplates more significant changes to the program. The NFIP is currently set to expire on May 31.

Earlier this week, the House voted in favor of a six-month extension for the program, and action is now awaited in the Senate. ABA noted that an extension would allow more time for lawmakers to build consensus around more substantive changes to the NFIP, “including those designed to improve the accuracy of flood maps, increase mitigation, and address affordability.”