American Bankers Association Issues Statement on Flood Insurance Program Extension

WASHINGTON, July 31 -- The American Bankers Association issued the following statement by President and CEO Rob Nichols on the Senate passage of legislation for the extension of the National Flood Insurance Program:

"ABA applauds the Senate for voting to ensure the continuity of the National Flood Insurance Program with a four-month reauthorization.

"Avoiding a lapse in program authority will protect borrowers from closing delays, additional costs and other complications.

"We now urge lawmakers to turn their attention to a long-term reauthorization of the program that includes necessary reforms to ensure sustainability and availability in the future.

"We look forward to working with lawmakers to address these critically important issues over the next four months."