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For Immediate Release
July 25, 2018
ABA Media Contact: Ian McKendry
(202) 663-5473
Email:
imckendry@aba.com
Follow us on Twitter: @ABABankers

ABA Statement on House Extension of National Flood Insurance Program

By Rob Nichols, ABA president and CEO

​“The House took an important step today to prevent the National Flood Insurance Program from expiring at the end of the month. Now it’s the Senate’s turn to approve this measure. If there is a lapse, many loan closings in high-risk areas will be delayed or otherwise complicated, resulting in additional costs and borrower frustrations.
 
“ABA strongly supports both a long-term reauthorization of the program and necessary reforms that will make the NFIP more sustainable, while also balancing concerns over availability and affordability.  We look forward to working with Congress as it addresses this critically important issue.”
 
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The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans. Learn more at aba.com.