Removing Barriers Blog

CUNA Writes to House Financial Services Committee Prior to Hearing on National Flood Insurance Program
Posted March 13, 2019 by Chandler Schuette

CUNA wrote a letter to Chairwoman Waters and Ranking Member McHenry prior to the Financial Services Committee hearing entitled, “Preparing for the Storm: Reauthorization of the National Flood Insurance Program.”

As stated in the letter, credit unions play an increasingly important role in the housing finance market and, as a result, have a vested interest in the ongoing stability of the National Flood Insurance Program. 

For far too long, the National Flood Insurance Program has been the source of uncertainty and instability in the housing sector due to repeated lapses in the Program’s reauthorization and short-term extensions.

As the Committee and Congress consider reforms to the NFIP, it is vital that flood insurance premiums remain affordable so that families in those parts of the country where flood insurance is required are not deprived of the opportunity to own a home. That result can only be accomplished by enacting reforms to secure a sustainable National Flood Insurance Program that can operate alongside a robust private flood insurance market in order to best serve the interests of the nation’s housing market for years to come. 

On behalf of America’s credit unions and their 115 million members, CUNA will continue to encourage Congress to work on a long-term solution to enhance the affordability and ultimate sustainability of the National Flood Insurance Program in order to restore certainty to the market