Removing Barriers Blog

CUNA Continues to Support National Flood Insurance Program Reauthorization
Posted June 06,2017 by CUNA Advocacy

Tomorrow, the House Financial Services Committee will hold a hearing entitled, “Flood Insurance Reform: A Taxpayer’s Perspective.”  Earlier today, CUNA sent a letter supporting the reauthorization of the National Flood Insurance Program (NFIP) to Chairman Hensarling and Ranking Member Waters.  At the beginning of May, the Senate Banking Committee also met to discuss the Reauthorization of the NFIP which is set to expire in September. 

In the letter, CUNA reiterates support for and the importance of the National Flood Insurance Program.  While the Committee looks at the NFIP from a taxpayer perspective, CUNA would support changes to decrease from 18 to 15 percent the cap on annual rate increases and to limit the chargeable risk premium for any single family residence to $10,000 per year. CUNA would also support efforts to increase the transparency of the NFIP, including requiring the FEMA Administrator to advise the public on its methodology for determining annual risk premium rates for NFIP coverage, as well as various proposals to improve and streamline the flood mapping process. 

CUNA believes it is vital that flood insurance premiums remain affordable so that families in parts of the country where flood insurance is required are not shut out of the opportunity to own a home.  A strong, sustainable, and affordable NFIP will serve the best interests of our nation’s housing market for years to come, and CUNA will continue to support the reauthorization of this vital program.