Congress Approves Short-Term Flood Insurance Extension
Congress extended the National Flood Insurance Program through Dec. 22 within its two-week spending bill.
The extension gives lawmakers more time to consider a longer-term bill to reform and reauthorize the NFIP. The House last month approved a five-year extension, sending the debate to the Senate.
ICBA continues working with the House and Senate to address its concerns with a provision that exempts commercial properties from the mandatory purchase requirement. This change could unnecessarily put community banks at risk relative to larger banks as they try to compete for commercial and small-business loans where the property is in a flood hazard area.