Bankers Urge Long-Term Solutions for Flood Insurance Program

The Independent Community Bankers of America has thanked Congress for extending the National Flood Insurance Program and called for a long-term solution. Following several stopgap extensions and lapses in recent years, ICBA is urging lawmakers to pass a long-term reauthorization of the NFIP that continues to provide affordable, reliable flood insurance for residential and commercial properties.

“Affordable and readily available flood insurance is vital for the more than 20,000 communities across the United States that depend on the National Flood Insurance Program,” ICBA President and CEO Rebeca Romero Rainey said. “A long-term reauthorization of the NFIP is needed to ensure coverage remains available to affected communities and to avoid further disruptions to the market.”

As Congress considers long-term solutions to the NFIP, ICBA urges lawmakers to set the program on a sound financial footing while making sure that rates are affordable for the homeowners and businesses who depend on flood insurance coverage. ICBA supports proposals to increase private-market participation and opposes efforts to remove the mandatory purchase requirement for commercial properties, which will put community banks at a disadvantage to regional and national banks when making loans in flood zones.