The National Flood Insurance Program has depleted its capacity to borrow from the Treasury Department following the destruction of Hurricanes Harvey, Irma and Maria, according to the Federal Emergency Management Agency.

The Federal Emergency Management Agency estimates that the total cost to the National Flood Insurance Program following Hurricane Harvey could total as much as $11 billion.

The House today voted on a legislative package that suspends the debt ceiling and funds the federal government through Dec. 8 and provides $15 billion in disaster relief for Hurricane Harvey victims.

A coalition of housing and financial trade associations including ABA wrote to members of the House and Senate on Friday in support of the Flood Insurance Market Parity and Modernization Act.

The House Financial Services Committee today approved five bills as part of a legislative package intended to reauthorize the National Flood Insurance Program.

The House Financial Services Committee today approved two bills as part of a legislative package intended to reauthorize the National Flood Insurance Program.

While ABA supports the broader legislative effort to reauthorize the National Flood Insurance Program and several specific bills, the association today expressed “grave concerns” over certain provisions in the legislative package that the House Financial Services Committee is set to vote on starting tomorrow.

In response to a query by ABA staff, the federal banking agencies recently provided clarifications on whether a lender charging a customer for premiums and fees for force-placed flood insurance to a borrower’s loan balance constitutes a loan balance increase that would be a “triggering event” under the Flood Disaster Protection Act.

House Financial Services Committee Republicans are circulating a package of draft legislation to reform and reauthorize the National Flood Insurance Program.

Rep. Blaine Luetkemeyer (R-Mo.) today introduced the Taxpayer Exposure Mitigation Act, which includes several flood insurance reform policies.