Washington, D.C. (Sept. 6, 2017)—The Independent Community Bankers of America® (ICBA) today sent a letter to Congress advocating a timely reauthorization of the National Flood Insurance Program (NFIP).
“Affordable and readily available flood insurance is vital for many communities, along the coasts as well as inland rivers, and for those who live and work in areas impacted by disasters, such as Hurricane Harvey and the impending Hurricane Irma,” ICBA President and CEO Camden R. Fine said. “Timely reauthorization of the NFIP will avoid any unnecessary disruption of the markets.”
In the letter, ICBA wrote that important work has already been done by members of both parties in the House and Senate to explore possible reforms to the NFIP. ICBA encouraged Congress to build on that work to put the NFIP on sound financial footing for the long term while ensuring that coverage remains available at affordable rates through the NFIP and in the private market.
ICBA expressed support for the Private Flood Insurance Market Development Act (H.R. 1422), introduced by Reps. Dennis Ross (R-Fla.) and Kathy Castor (D-Fla.), and the Senate companion bill, the Flood Insurance Market Parity and Modernization Act (S. 563), introduced by Sens. Dean Heller (R-Nev.) and Jon Tester (D-Mont.). These bills would clarify that private flood insurance policies satisfy mandatory purchase requirements, giving consumers choice and greater access to private flood insurance.
To ensure that coverage is comprehensive and will allow communities to recover from disasters as quickly as possible, ICBA also said it opposes efforts to remove the mandatory purchase requirement for commercial properties.
“ICBA encourages Congress to continue working to resolve any outstanding issues with NFIP reauthorization,” Fine said. “We urge Congress to enact a short-term reauthorization to keep the program functioning so that loans can close and homeowners can recover until a longer-term reauthorization can be achieved.”
The Independent Community Bankers of America®, the nation’s voice for more than 5,800 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.