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For Immediate Release
December 6, 2016
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Email: jsigmund@aba.com
Follow us on Twitter: @ABABankers

ABA Statement on Draft National Flood Insurance Reauthorization and Reform Principles

By James Ballentine, ABA's executive vice president of congressional relations and political affairs

​     "The American Bankers Association welcomes the draft principles on National Flood Insurance reauthorization and reform released by Rep. Blaine Luetkemeyer, chairman of the Housing and Insurance Subcommittee of the House Financial Services Committee.
 
     "We are particularly pleased that Chairman Luetkemeyer is focused on ensuring stability in the NFIP by beginning the reauthorization early and avoiding any risk of the lapses in program authority that have harmed borrowers and lenders in the past.  We are also pleased with the focus on encouraging a robust private flood insurance market and development of risk transfer mechanisms like reinsurance and capital market participations, which will reduce risks to taxpayers and put the NFIP on a more solid financial standing.  Other positive aspects included in the principles are proposed elimination of mandatory NFIP coverage for large commercial properties and focus on much needed updating of flood zone mapping.  We look forward to working with the committee as legislation reflecting these principles is developed and considered."
 
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The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.