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For Immediate Release
June 12, 2019
ABA Media Contact: Blair Bernstein
(202) 663-5468
Follow us on Twitter: @ABABankers

ABA Statement on House NFIP Reauthorization Bill

By Rob Nichols, ABA president and CEO

​“ABA applauds Chairwoman Waters, Ranking Member McHenry and members of the House Financial Services Committee for approving a long-term reauthorization of the National Flood Insurance program. Today’s action is an important step in ensuring that the program is reliably available for borrowers seeking to purchase homes in special flood hazard areas where purchasing flood insurance is mandatory. It would also modernize the NFIP, including the introduction of a ‘continuous coverage’ provision that allows borrowers leaving the program to purchase private flood insurance to return to the NFIP without penalty. We also appreciate that the bill would address affordability issues, improve the flood mapping program and floodplain management and mitigation.
“We look forward to seeing this important legislation receive timely and favorable consideration by the full House in the near future.”
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The American Bankers Association is the voice of the nation’s $18 trillion banking industry, which is composed of small, regional and large banks. Together, America’s banks employ more than 2 million men and women, safeguard nearly $14 trillion in deposits and extend more than $10 trillion in loans.