WASHINGTON (5/31/12)--Legislation that would extend the National Flood Insurance Program (NFIP) for 60 days needs only President Barack Obama's signature to become law after the U.S. House passed the extension Wednesday afternoon.
The House bill, H.R. 5740, passed on a 402 to 18 vote. A Senate version of the 60-day extension legislation passed last week.
The program is set to expire today.
Legislation that would extend the NFIP for five years has been approved in the House and by the Senate Banking Committee. House and Senate members have both called for a long-term extension of the NFIP program, and for aspects of the program to be reformed.
The Credit Union National Association (CUNA) has urged for the NFIP to be extended or reformed, as credit unions and other lenders cannot write certain mortgages without NFIP coverage. CUNA this year also joined a coalition of associations representing homebuilders, the insurance industry, other financial institutions, brokers, and others to ask Congress to act on NFIP issues.