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News Now

Washington
Frank bill would maintain NFIP
WASHINGTON (5/11/10)--Rep. Barney Frank (D-Mass.) has introduced a new bill to address issues surrounding the National Flood Insurance Program (NFIP). The legislation is the second part of a two-pronged approach that Frank said is meant to assure continuity and stability" in the flood insurance program and in the nation’s housing markets, while also focusing on "the comprehensive reform and long-term reauthorization of the NFIP.” Frank’s bill would extend the NFIP through Sept. 30, giving the U.S. Congress a greater period of time to work on legislation that would lengthen coverage under the NFIP for another five years. Frank is chairman of the House Financial Services Committee. H.R. 5114, which was introduced by Rep. Maxine Waters (D-Calif.) and approved by the committee last month, would extend the NFIP for a further five years. The NFIP is currently reliant on temporary month-to-month extensions and will expire on May 31 without further congressional action. The NFIP, which the finance committee has said provides "reliable, affordable flood insurance coverage for millions of American homes and businesses," is important to credit unions because the mortgages they write for properties in a floodplain are required to have flood insurance. In a release, both Frank and Waters said that they were “hopeful” that the full House and later the Congress would “act promptly” to “provide much needed, comprehensive reform and long-term reauthorization of the NFIP.”


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