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Washington
CUNA asks Senate to pass NFIP extension
WASHINGTON (6/28/10)--Saying that “every day of delay” adds to “confusion and risk for families in the real world,” the Credit Union National Association (CUNA) joined several other associations in asking the Senate to “take immediate action” and pass legislation that would reauthorize and extend the National Flood Insurance Program (NFIP). H.R. 5569, which passed the House of Representatives last Thursday, would reauthorize and extend the NFIP through Sept. 30. In the release, the associations said that while they agreed that the NFIP needs substantial reform, “America’s property owners depend on this important federal program administered with the help of the property casualty insurance industry.” “Since the program expired, those who need insurance can’t get it. Those who have it can’t increase coverage. And anyone trying to buy property that requires federal flood insurance is out of luck — creating yet another disruption in a struggling real estate market,” the letter added. Members of Congress have tried several times to extend the NFIP and other government-backed programs, with no luck. The NFIP has been lapsed since June 1. The NFIP is vital to many credit unions, as the mortgages they write for properties in a floodplain are required to have flood insurance, CUNA said. The NCUA last week provided credit unions with guidance on how best to deal with the lapse, stating that credit unions may continue to make loans without flood insurance. (See related story: NCUA guides CUs through NFIP lapse) For the full letter, use the resource link.


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